A major concern for the Construction Industries Federation (CIF) is the timing of possible implementation of the Namibian Equitable Economic Empowerment Bill (NEEEB). The CIF leadership feels that by considering the current economic environment, coupled with a four-year running recession and the further impact of Covid-19 on the domestic economy, effort should be made to focus on attracting investment, both domestic and foreign.
A recent CIF statement read that: “In order for Namibia to experience growth and the upliftment of its people, it is necessary that any policy or legislation enacted by parliament, will indeed attract investment. In this way, Namibia can focus on creating additional new wealth, instead of distributing existing wealth.”
Bärbel Kirchner, consulting general manager of the CIF noted: “Attracting investors would be the most realistic way that Namibia can move forward and out of the current economic and financial crisis and can ensure growth, and therefore increase the capacity to produce goods and services. A Namibian economy on a steady and consistent growth trajectory would be better positioned to address poverty and secure the upliftment of its people.”
“If one was to consider the advice of key economists, with the currently compromised public revenue collection, and limited public, private sector and household spending, and a hugely import dependent economy, it is absolutely critical that Namibia creates an environment that appeals to investors,” Kirchner continued.
She added that attracting investment requires an optimal policy and legislative environment, which allows the development of trust based on the guarantee and certainty of ownership and an ease to do business, as well as good and accountable governance.
“The timing of tabling and enacting the NEEEB as economic empowerment legislation in its current format, will be very detrimental for the small Namibian economy, as when investment is most needed, investors will turn away, and look at alternative, more secure propositions elsewhere,” Kirchner cautioned.
2020-07-16 09:19:25 | 3 months ago