International trade agreements lure investment and open foreign markets
By Adolf Kaure.
The Executive Director in the Ministry of Industrialisation and Trade, Shikongo Haihambo said that participating in various regional and international trade agreements is vital for new investment opportunities and enhanced foreign market access.
Haihambo spoke at the official opening session of the capacity building workshop on trade policy and competitive analysis, trade skills, trade negotiations skills as well as investment and trade promotion strategies under the European Union Agreement (EPA) which was attended by over 100 participants in Swakopmund on Monday.
According to Haihambo, the training participants should use the expected outcomes of the training for Namibia to enhance Namibia’s export and investment competitiveness and maximise benefits from trade agreements that the country are part of.
“With a small population of three million people, a small domestic market, a limited skilled labour force and abundant natural resources, Namibia relies on foreign trade and foreign direct investment to sustain and accelerate its economic growth.”
“External markets absorb products that we produce in surplus to local requirements which include our minerals, beef, fish and others, while through imports we satisfy demands for products in short supply locally. This makes us actively seek new investment opportunities and enhanced foreign market access by participating in various regional and international trade agreements,” he said.
The participants are from the trade ministry, the Namibia Investment Promotion and Development Board, and line ministries working on trade- and investment-related issues. The sessions cover critical areas like trade policy and competitive analysis, trade statistics, investment and trade promotion strategies, as well as EPA monitoring and evaluation.
Haihambo advised the participants to make use of the knowledge acquired from the training to boost Namibia’s economy.
“These topics are essential pillars of our collective efforts to navigate the complexities of the global marketplace and also lie at the very heart of our mission to create an enabling environment for trade and investment, thereby catalysing economic prosperity and improving the livelihoods of our citizens.”
“Together, we are laying the foundation for a brighter future, where knowledge and expertise serve as the catalysts for transformative change and economic prosperity for all Namibians,” said Haihambo.
The five-day training session ends on Friday.
The Executive Director in the Ministry of Industrialisation and Trade, Shikongo Haihambo delivers his remarks during the opening of the training session. (Photograph by Adolf Kaure)
