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“Namibia open for business” – Mbumba at 2023 US-Africa business summit

“Namibia open for business” – Mbumba at 2023 US-Africa business summit

The Vice President, Dr Nangolo Mbumba reiterated that Namibia is open for business and that it welcomes investors interested in exploring potential prospects for shared economic growth.

Mbumba emphasized the government’s unwavering commitment to creating a conducive environment for business, noting that “we are doing this by removing legal or administrative impediments, and ensuring that our trade and investment landscape remains fit for purpose.”

Mbumba made these remarks at the US-Africa Business Summit in Botswana on Thursday, where he led the Namibian delegation.

“Namibia is a land of vast potential that offers trade and investment opportunities in multiple sectors beyond energy. From tourism, mining, agriculture and agro-processing, transport and logistics, amongst others, a key objective for Namibia is to leverage the existing capital-intensive industries to set the basis for productive diversification towards industries that can employ more people with higher capabilities and jump-start the economy,” he said.

According to him, one of the main reasons Namibia is a desirable investment destination is its strategic position, which is complemented by a world-class port at Walvis Bay.

“From this port, Namibia can unlock access to the SADC market, the African market, and the rest of the world. Beyond this, we view our port as a primary tool to contribute towards building a stronger African economy,” he said.

“Namibia is ready to foster regional cooperation and support the sustainable development that will lead to the realization of our collective plan for transforming Africa into the global powerhouse of the future, per the aspirations laid out in Agenda 2063,” he further noted.

Mbumba also underscored that while the primary goal is to ensure that Namibians are the primary beneficiaries of their natural resources and that the government creates a better quality of life for its people, “we equally have a responsibility to contribute to the sustainable development of our continent and ensure prosperity for all who live in it.”

Furthermore, he pointed out that via reciprocal trade and investment between our respective countries, “we can create shared economic value and prosperity.”

“In our quest to ensure that Namibia remains an attractive investment destination, we are deliberate in eliminating constraints that impact the ease of doing business in the country, from advocating for policy reforms to establishing an Investor One Stop Centre – a physical, single point of access to information and our facilitation services for investors. Furthermore, you are also guaranteed peace and political stability, freedom to expatriate funds, and good governance. I invite you to come and see for yourself,” he concluded.

The 5-day US-Africa Business Summit was organised by the Corporate Council on Africa.


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