STAFF WRITER
PRESIDENT Netumbo Nandi-Ndaitwah says Namibia is considering a further corporate tax reduction to 28% in the 2026-27 Financial year as an incentive to lure foreign investors in key areas including mining and infrastructure Develooment.
Speaking at the Invest in Namibia session of the US-Africa summit in Angola on Tuesday Nandi-Ndaitwah said Namibia offers generous capital allowances to facilitate the growth of investment across various sectors.
Namibia has already cut back on corporate tax from 32% to 30% in the 2025-26 Financial year.
“I have to inform you that when I took office on the 21’st March this year, for very good reasons I have decided to restructure government offices. Today trade and investment are under the Ministry of International Relations and Trade, where the Namibia Investment Promotion and Development Board falls.
“While the upstream of Oil and Gas is placed in the Office of the President. Accordingly, the ministry of International Relations and Trade is working hard to finalize the Namibia Investment Promotion and Facilitation Bill, that should create an improved enabling and conducive environment to attract, retain and facilitate both domestic and foreign investment in our country,” she said. The president said Namibia is pushing to strive a balance between luring foreign investors in capital intensive industries like mining while allowing local
Investors thrive in other smaller sectors.
“Namibia’s economy is very much mineral based to the extent that a number of critical minerals are found in Namibia, this includes Lithium, Graphite Rare Earth Elements, Cobalt, Tantalum, Copper, Zinc, Silver, Tin,
lead, iron ore, uranium among others. No doubt those minerals are imported for global development particularly in the world of fast growing technology,” she said.
She said foreign direct investment will be a vital cog in reducing high unemployment and inequality levels.
“ We therefore, call for true partnership whereby investors will appreciate setting up processing centres/value addition in Namibia to grow the economy and create jobs. Unemployment in Namibia is very high, standing at 46% for the youth. Hence, we need to address this issue as a matter of urgency to ensure that Namibia continues to be a best place for investment,” she said.
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