CHAMWE KAIRA
The projects in the investment pipeline by Namibia Investment Promotion Development Board have the potential to generate 40 000 direct and indirect job opportunities in Namibia. The country saw a total of N$2,8 billion invested in 2023.
In 2022, the Greenfield FDI Performance Index that assesses the FDI that countries have attracted in proportion to the size of their economy ranked Namibia as number in Africa and 13th globally, respectively.
Chairperson and Chief Executive Officer of the Board, Nangula Uaandja said emerging from a challenging period of economic recession, exacerbated by the COVID-19 pandemic, the economy has shown strong signs of a remarkable recovery, with consecutive growth rates of 2.7% in 2021 and 3.9% in 2022, respectively.
“These positive signs serve as a testament to the concerted efforts of our government and all industry partners vested in ensuring that Namibia achieves her full economic potential,” said Uaandja.
In 2023, investment pipeline surged by 70%, with diversification across sectors and indicating a heightened investor interest in Namibia.
Uaandja said Namibia has demonstrated significant improvement and recovery in the recent two years, as evidenced by the positive trajectory of FDI and GDP growth in 2021 and 2022.
FDI experienced a decline from 2016, with net outflows recorded in 2019 and 2020, only to rebound in 2021 and 2022.
Namibia has posted five Investment and Export Promotion Attaches to China, Egypt, South Africa, the United Kingdom, and the United States.
She said the visits abroad by the Board have led to increased international business delegations travelling to Namibia, highlighting the nation’s expanding investor interest and awareness.
The surge in FDI during 2021 and 2022 was driven by various sectors and most notably mining and oil and gas exploration activities.
“This remarkable upswing is evidence of heightened investor trust and confidence in Namibia’s economic prospects,” Uaandja said in the 2023 Annual Report.
According to FDI Intelligence, Namibia secured the fifth most substantial share of capital investment FDI within the Middle East and Africa Region (MEA) in 2021, accounting for 7% of the total.
One of the biggest investment during the period, the Hyphen Hydrogen Energy (green hydrogen) project gained significant attention as a substantial venture within the MEA region.
It anticipates a total investment of US$4,4 billion and potentially creating more than 3000 permanent jobs during the production phase. The initial phase is on track to initiate production by 2026, which is pivotal to providing clean energy to the region and the global market.
