Namibia’s Vice President Nangolo Mbumba says the government is actively removing legal and administrative impediments to ensure a conducive business environment.
Speaking at the US-Africa Business Summit in Gaborone, Botswana, Mbumba highlighted the country’s ambitions to become a sustainable energy capital in Africa.
With a focus on trade and green energy, Namibia showcased its untapped potential and attractive investment opportunities in various sectors, including oil and gas, renewable energy, tourism, mining, agriculture, and agro-processing.
“Namibia is open for business and we are inviting investors who are interested in exploring the available opportunities for shared economic growth. I hereby further emphasise the Namibian government’s unwavering commitment to creating a conducive environment for business – we are doing this by removing legal or administrative impediments, and ensuring that our trade and investment landscape remains fit for purpose,” said Mbumba.
Furthermore, the Vice President outlined Namibia’s goal of productive diversification beyond energy-intensive industries, aiming to create employment opportunities and jumpstart the country’s economy.
He invited investors to explore the various sectors and assured them of a conducive business environment, with the government actively removing legal and administrative impediments.
“Namibia’s unique geographical attributes, with abundant sunshine and constant winds, make it an ideal location for renewable energy production. Namibia’s strategic location, supported by the world-class port at Walvis Bay, is a major advantage, offering access to the Southern African Development Community (SADC) market, the African market, and the rest of the world,” he said.
He highlighted recent advancements in the energy sector, particularly the discovery of significant oil and gas reserves by international companies TotalEnergies and Shell.
“These reserves are expected to contribute significantly to Namibia’s economy and address unemployment and income inequality,” he noted.
At the summit, Lucia Iipumbu, Minister of Industrialisation and Trade, emphasised the need for Africa to enhance its role in global value chains and address energy poverty while transitioning to cleaner sources.
She emphasised Africa’s significance in global trade and the need for increased specialisation, economies of scale, competition, and technology diffusion to strengthen the continent’s value in global value chains.
One of the crucial initiatives mentioned was the African Continental Free Trade Area (AFCFTA), aimed at boosting intra-African trade.
Iipumbu highlighted, “the importance of regional and cross-border special economic zones (SEZs) in facilitating Africa’s integration into global value chains. United States’ support through platforms like the African Growth and Opportunity Act (AGOA) to provide competitive market outlets for African goods.
Iipumbu also emphasised the significance of micro, small, and medium enterprises (MSMEs) in fostering entrepreneurship and economic growth.
Regarding green energy, Iipumbu called for increased cooperation between the United States and Africa.
Despite Africa’s low carbon emissions, energy poverty remains a significant challenge. The Minister urged investments in renewable energy initiatives, with a focus on project preparation and innovative finance to support early-stage risk capital.
