WINDHOEK - Oscar Capelao, Chief Financial Officer of FNB Namibia has advised Namibians to always invest their own savings in the country’s own economy.
“We must have confidence in our own economy. To attract more FDI, emerging markets have to offer attractive returns versus the home countries from which the foreign direct investment (FDI) comes,” he said.
“Globally, capital will seek better yields. Repatriation of capital is part of FDI and is to be expected. Namibia must continue to improve its global competitiveness levels versus other developing countries to be top of mind for investors when they think of emerging markets. To attract more FDI, investors need the comfort that they can repatriate capital if need be. Clear, transparent and stable economic policies give foreign investors confidence to invest and reduces the sudden movement of capital. Tax rates need to be competitive with other countries as well. The 2013/14 Global Competitiveness Report (GCR) ranked Namibia 90 out of 143 countries, behind Mauritius, South Africa, Rwanda, Botswana and Seychelles among Sub-Saharan African countries, a slippage of 16 places since 2010/11,” he said.
Capelao added that FNB Namibia is a NSX listed company with various shareholders which include most Namibian pension funds such as the GIPF, Namibian insurance companies and asset managers, who want returns both in the form of capital appreciation and dividends.
Pension funds and insurers needed the dividends to pay benefits to their members and policyholders.
“FNB Namibia’s total equity at June 2014 amounted to N$2.8 billion. Equity being the total capital invested by its shareholders in its Namibian operation. We have over 54 branches across the country, 225 ATMs, the largest number of ATMs by a bank in Namibia, more than 2000 speed points, and four office buildings in Windhoek with a new green star rating building under construction in the CBD. Our total advances to Namibian clients amount to N$19.9 billion, of which N$9.6 billion is for housing,” said Capelao.
By Staff Reporter New Era Reporter
2014-12-03 08:20:40 | 5 years ago