The Namibia Investment Promotion and Development Board (NIPDB) has called for patience while it converts investment leads secured from the just ended Expo 2020 Dubai into tangible investments.
This comes as the Namibian Pavilion recorded a total of 397 255 visitors and 192 investment leads, primarily in the areas of renewable energy, tourism and education.
“It is furthermore important to note that the Board is now taking on the mammoth task of converting investments leads into tangible investments. This is a long process that involves back and forth negotiations with potential investors, the results of which may not be immediately visible. The Board therefore implores the Namibian nation to be patient throughout this process until the investments are realized,” NIPDB Senior Manager: Marketing, Branding and Communications Catherine Shipushu said.
She said the six months Expo provided a platform for the country to engage with potential investors and showcase investment opportunities in the priority sectors identified by the government, which include renewable energy, logistics & infrastructure, mining, agribusiness and tourism.
“One of the ultimate objectives of participating at events such as Expo 2020 Dubai is to stimulate investor interest in Namibia in order to attract Foreign Direct Investment (FDI). Given the current status of the Namibian economy, FDI has been identified as critical to the country’s economic recovery and unlocking opportunities that enable a better quality of life for all Namibians,” Shipushu said.
“As the country secures investments, the revenue generated through these investments will support and complement the government’s efforts to roll out developmental interventions such as job creation and other poverty alleviation programmes.”
She said the Board was compiling a comprehensive report detailing the activities and achievements of the Namibian Pavilion over the six months of the expo.
“The NIPDB is equally cognisant of the significant financial investment made by the government, the development partners and our various sponsors from both the public and private sector, to secure the country’s participation in the expo. That report will first and foremost be presented to Cabinet and thereafter to other relevant stakeholders. With the decommissioning process set to be completed by 30 April, the accountability reporting to stakeholders is scheduled to run from 1 May and will be completed by the end of June 2022,” Shipushu said.
Namibia was one of 192 countries that participated in the Expo, hosted in the United Arab Emirates from 01 October 2021 to 31 March 2022.
