Guest Contributor | Nov 14, 2022 | 0
Local economy expected to absorb potential FDI of US$6 billion through Green Hydrogen production
The President, HE Dr Hage Geingob on Monday said preliminary market estimates indicate that the economy stands to absorb potential Foreign Direct Investment (FDI) of US$6 billion, producing 2 million tons of ammonia, to generate over $800 million in revenue per annum, and house generation assets of 5 Gigawatt with the capability to produce power at less than 3 US cents per kilowatt.
“We expect that this transformative project alone will employ 20,000 Namibians over a period of time and will be consequential to the future of our country. Having secured successful bids for Green Hydrogen and Ammonia feasibility studies,” he said during the country’s 32 Independence Anniversary celebrations in Swakopmund.
According to Geingob, having secured successful bids for Green Hydrogen and Ammonia feasibility studies, we have managed to inject impetus in the advancement of the Southern Corridor Development Initiative.
“This involves the unlocking of funding and launching of various development programmes such as training opportunities and scholarships. And this is only the start of Namibia’s economic revival after years of prolonged downturns,” he added.
According to Geingob, the country will enact policies such as economic empowerment framework with greater emphasis on local procurement in all sectors as well as review the public and private sector policies to eliminate institutionalised practices that are hampering the growth of small and medium enterprises owned by previously disadvantaged Namibians and businesses in general.
“During the past weeks, commercially viable oil resource discoveries have been made in Namibia’s seawater, the government is committed to ensuring that the development and exploitation of these resources will be transparent and benefit Namibia’s people and future generations. Therefore, to avoid the infamous resource curse, the government will soberly plan the distribution and utilisation of the benefits of these resources so that all Namibians participate in the country’s prosperity,” he said.
Meanwhile, Geingob reemphasized that no one must be left out and the country will march towards victory in the Second Phase of the struggle for Economic Liberation.