Niël Terblanché
Namibia is regarded internationally as one of the best investment destinations on the African continent because of its favorable tax regime, excellent investor-related service as well as financing facilities. As a result, the country can expect a net worth growth of more than 60 percent in the next decade.
According to the African Wealth Report of 2023 published by Henley and Partners, a company viewed as the global leader in residence and citizenship by investment, Namibia has become the “new frontier” for international investors seeking a foothold in Africa because of its attractive territorial tax regime.
In this regard, Nangula Uaandja, the Chief Executive Officer of the Namibia Investment Promotion and Development Board, announced that the country was able to secure investments worth N$161 billion in potential investments from abroad.
The NIPDB was created by the government and is tasked with facilitating collaboration between the public and private sectors to ensure that a conducive business climate for Namibia is created and maintained. Since the NIPDB was called into existence, it hosted 46 investment delegations.
Uaandja said during her presentation last week that once the investment of N$161 billion is realized and finalized, it will translate into about 122 000 new jobs.
“Investment in our country is driven mainly by the renewable energy sector, oil and gas discoveries on Namibian territory, as well as agriculture and food processing opportunities,” she said.
Other fields that have received interest from investors are health and pharmaceutical activities, tourism, the hospitality and entertainment sector, digital business services and the possible manufacturing of machinery and electronics, transportation and logistics as well real estate and housing projects.
Uaandja indicated that some of the investments have already been realized and are operational, adding that the largest portion of the N$161 billion is in various stages of completion and final entry into the Namibian market.
According to Uaandja, the largest portion of the investment will only start to have a positive effect on the market in about two years and once in operation will be used to address poverty, unemployment and existing inequalities.
Uaandja made the remarks at the celebration of NIPDB’s 500 days of existence. She highlighted that during its first year, the institution identified policies viewed as non-conducive for investment. These policies are the Investment Promotion and Facilitation Bill, the Migration Bill, certain visa programs and the Namibia Equitable Economic Empowerment Bill.
The NIPDB also engaged in the possible amendment policies such as the Land Bill, the Diamond Bill and the Bank of Namibia’s Draft Capital Flow Management Regulations.
According to Uaandja, they also worked on addressing bottlenecks and administrative processes that could possibly impede investment from abroad. The massive potential investment announced by the head of the NIPDB follows the first-ever investment summit that the country hosted in 2019 where N$50 billion in investments was pledged.
