Namibia talks trade with Sri Lanka as a gateway to 300 million consumers
High Commissioner of of Namibia, Gabriel Pandureni Sinimbo, invited Sri Lankan entrepreneurs and investors to invest in Namibia and reach out to 300 million consumers at the forum, titled ‘Bilateral Trade between Sri Lanka & Namibia’, organised by the National Chamber of Commerce of Sri Lanka.
Sinimbo welcomed Sri Lankan investor to Namibia at a forum held in Colombo last month.
Sinimbo said that Namibia boasts having the only natural deep-sea harbour West African Coastline. “It’s the 5th-largest uranium producer and 12th-largest diamond producer in the world,” stated the high Commissioner.
“An established market economy, multiparty democracy, low pollution, safe and peaceful atmosphere, and strategic location with Preferential Trade Agreements with the EU and USA makes Namibia an ideal investment destination,” he added.
Namibia is a sparsely populated country with a population of 2.7 million; however, an investor in Namibia can reach a market of 300 million through the Southern African Development Community (SADC) and Southern African Customs Union (SACU), Sinimbo said.
Namibia is an economy of GDP US$ 13.72 billion and a GDP per capita of US$ 5,686. The Namibian Dollar is pegged 1:1 with the South African Rand, Sinimbo said, adding that English is the official language.
Meanwhile, he said the local tourism industry is booming with numerous leisure activities like safaris, hunting, fishing, quad biking, sand boarding, and the Sri Lankan entrepreneurs can look into opportunities in the sector.
Sinimbo further stated that under the Foreign Investment Act of 1990, foreigners and local businesses are treated equally, giving full protection to foreign investments and 100% repatriation of profit.