Namibia celebrated 30 years of independence and peace on 21 March 2020 and offers a stable investment environment.
“The overall national vision of Namibia Vision 2030 is, “A prosperous and industrialised Namibia, developed by her human resources, enjoying peace, harmony and political stability”.
The overall national vision of Namibia Vision 2030 is, “A prosperous and industrialised Namibia, developed by her human resources, enjoying peace, harmony and political stability.” To achieve this vision, the government has enacted several laws and formulated a number of policies to make Namibia an attractive investment destination.
This includes the following acts:
- Public Procurement Act, Act No.15, 2015 which came intoeffect on 1 April 2017
- Business and Intellectual Property Authority Act, Act No. 8,2016
- Namibia Industrial Development Agency Act, Act No. 16, 2016
- Public Private Partnership Act, Act No. 4 of 2017The government is in the process of amending provisions of the Public Procurement Act and the Foreign Investment Act while the Namibia Equitable Economic Empowerment Bill (NEEEB) is expected to be tabled in the National Assembly during the second half of 2020 following extensive public consultations.
WHY INVEST IN NAMIBIA?
1. PEACE AND STABILITY
Namibia has been politically stable since it gained independence from South Africa in 1990. Free, fair and transparent elections are held every five years for the country’s president, National Assembly, Regional Councils and local authorities.
2. A SOUND CONSTITUTION
The country is governed in accordance with the Constitution which guarantees fundamental human rights. The powers of the state are divided between the Executive branch, the Legislative branch, consisting of 104 members in the National Assembly and a 42-member National Council, and an independent judiciary.
3. STABLE MACROECONOMIC ENVIRONMENT
The country’s economy has remained stable despite the global economic downturn and the negative impact of the COVID-19 pandemic. The Bank of Namibia (BoN), the country’s central bank, plays an important role in ensuring macroeconomic stability.
4. EXCELLENT INFRASTRUCTURE
Namibia has an excellent road, railroad, airport and shipping infrastructure with a global ranking of 76th in the World Economic Forum’s Global Competitiveness Report for 2019 and the 3rd place in the Southern African Development Community (SADC) – after South Africa and Mauritius. Its road infrastructure was ranked the best in Africa and 21st out of 141 countries in the world.
Major expansions are continuing at the Walvis Bay port following the increase in the harbour’s container handling capacity from 350,000 20-foot equivalent units (TEU) to 750,000 TEUs. The upgrading of the country’s railway network and several major road construction projects to facilitate the improved flow of traffic along the four Walvis Bay Corridors is continuing, despite the initial delays caused by the COVID-19 pandemic.
5. SOUND FINANCIAL SECTOR
Namibia is a member of the Common Monetary Area (CMA) with South Africa, Lesotho and Swaziland. The Namibia dollar (NAD) is pegged to the South African Rand (ZAR) and hence subject to fluctuations of the South African Rand.
The financial sector is served by seven commercial banks with international links to facilitate international banking and a branch of a foreign commercial bank which are all authorised by the Bank of Namibia (BoN). Non-banking financial services are regulated by the Namibia Financial Institutions Supervisory Authority (NAMFISA). The Development Bank of Namibia (DBN) offers a range of financial products for approved developmental projects.
6. SOUND REGULATORY FRAMEWORK
Namibia has a clear legislative framework for the operation of businesses in the country. The regulation and administration of businesses and industrial property is administered by the Business and Intellectual Property Authority (BIPA) which was established under the Business and Intellectual Property Authority Act, Act No. 8, 2016. Other relevant acts include the Copyright and Neighbouring Rights Protection Act of 1994, Close Corporation Act of 1988 and the Companies Amendment Act of 2007.
7. NATURAL RESOURCES IN ABUNDANCE
Namibia has an abundance of natural resources including minerals, diamonds and fisheries. These resources create opportunities for local processing and value-addition in fields such as agriculture, fish processing and value-added Blue Economy products, dimension stone processing, gemstones and jewellery, metal fabrication and forestry-related products, including handicrafts.