STAFF WRITER
Namibia is moving closer to introducing new laws aimed at making it easier to invest in the country and attract investment into key sectors.
President Netumbo Nandi-Ndaitwah said the government is nearing the enactment of the Namibia Investment Promotion and Facilitation Bill and the Special Economic Zones (SEZ) Bill.
She made the remarks at the Namibia-US Business Forum on the sidelines of the United Nations General Assembly last week.
Nandi-Ndaitwah told potential American investors that Namibia is interested in investment in agriculture, sport, youth empowerment, education and training, creative industries, health and social welfare.
“The private sector is recognised as a critical partner of the Namibian government,” she said.
She said the private sector has a major role to play in implementing the Sixth National Development Plan.
The Namibia Investment Promotion and Facilitation Bill is intended to replace the Foreign Investment Act of 1992.
The Bill is aimed at cutting red tape, simplifying investment tracking and positioning Namibia as a regional hub for sectors such as green hydrogen, oil, gas and mining.
The Special Economic Zones Bill is intended to replace the former Export Processing Zone regime.
The government says the new system will support local manufacturing and value addition while providing an internationally compliant and non-discriminatory framework.
Under the proposed SEZ framework, registered businesses would operate under a 20% corporate income tax rate, with standard capital allowances and zero-rated value-added tax on goods inside designated zones.
Nandi-Ndaitwah said Namibia wants investment to create more value inside the country rather than simply exporting raw materials.
“Namibia does not intend to remain an exporter of raw natural resources while importing finished products; instead, investment should support local processing, refining, manufacturing and downstream industries,” she said.
She said investment in natural resources should help build domestic industries, create opportunities for Namibian businesses and expand employment.
“Investments in Namibia’s natural resources should contribute to building domestic industries, expanding opportunities for Namibian enterprises, creating decent employment and strengthening Namibia’s participation in regional and global value chains,” she said.
Nandi-Ndaitwah said Namibia must industrialise and that the private sector has an important role in this process.
She also called for skills and technology transfer through partnerships with US investors.
“Partnerships with U.S. investors should not be limited to capital investment or resource extraction, but should deliberately develop Namibian technical expertise through training, knowledge transfer, innovation and opportunities for young Namibians,” she said.
The President said Namibia’s economic transformation depends on developing the skilled workforce needed by emerging industries.
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