New investment policy to create a more conducive business environment – Iipumbu
The country is working on finalising its investment policy regime to fully leverage new investments in renewable energies to resuscitate the economy, the Minister of Industrialization and Trade, Lucia Iipumbu said this week.
Speaking at the Namibia Investment Promotion and Facilitation Bill (NIPFB) Stakeholders Consultation in Windhoek, Iipumbu stated that the new investment policy regime intends to create a more conducive business environment, providing necessary institutional support while fostering investor-friendly infrastructure.
The minister emphasised the need to modernize and update the investment regulatory and policy regime in Namibia to accommodate new economic dynamics and developments.
“Namibia’s fallback position remains the outdated Foreign Investment Act which we believe does not embrace newer investment dynamics such as innovation and sustainable investment. This old legislation, therefore, will not support viable initiatives that foster the adoption of the 4th Industrial Revolution-driven investments, nor will it adequately enhance new policy developments around Special Economic Zones,” she said.
A draft of the NIPF Bill was tabled in the national assembly in November 2021 but was withdrawn following calls for further consultation, leading to the formation of a technical committee tasked with considering concerns and proposing suitable amendments.
Ultimately, the bill needs to align with Namibia’s national developmental objectives, focusing on stimulating industrialization, transforming the economy, and attracting both sustainable foreign and domestic direct investments, she said. (Xinhua)
