Country Private Sector Diagnostic report launched
The Namibia Country Private Sector Diagnostic (CPSD) report launched in Windhoek on Friday, highlights opportunities for the country to attract investment and achieve sustainable private sector-driven growth.
The report suggests policy reforms to encourage competition and public-private partnerships, especially in the energy and water sectors.
“The World Bank is committed to supporting the government to enact reforms aimed at attracting private investment to diversify the economy and create jobs,” said Marie Francoise Marie-Nelly, World Bank Country Director for Namibia in a statement.
The CPSD further points to the need for greater efficiencies in Namibia’s logistics and trade facilitation sectors and highlights untapped opportunities in digital transformation and the water sector for green and resilient growth.
“Namibia has the opportunity to create a more conducive business environment, revitalize its private sector, and reposition its economy on a greener, more resilient, and inclusive path,” said Adamou Labara, IFC’s Country Manager for Namibia.
The CPSD notes Namibia’s world-class but largely untapped renewable energy resources.
Namibia has one of the highest solar irradiation levels globally, and excellent wind resources and strengthening private sector participation in renewable energy will enable Namibia to transition into a regional, green power supplier, the report says.
Namibia shows promise for climate-smart investments in the livestock and horticulture sectors, which could generate income and employment, the report adds.
“The private sector is well-placed to help develop and scale approaches for innovative water solutions such as desalination, where Namibia is already a leader,” the report says.
Meanwhile, the CPSD aligns closely with Namibia’s Fifth National Development Plan and the Harambee Prosperity Plans, a targeted Action Plan to accelerate development in clearly defined priority areas.