The Namibia Local Business Association (Naloba) and the Namibia Chamber of Commerce and Industry say they are keen to see the Namibia Investment Promotion and Facilitation Bill finalised, adding that it will provide policy certainty.
The two associations made their stance known at a consultative meeting held on Monday to discuss the bill’s intended outcomes.
Naloba’s Vice President Kanu Amadhila said it was high time the bill was adopted.
“We are very scared, next year is elections, and the minister may not be elected in the same position, and a new minister will restart [the process]. Honourable Minister, please do us a favour, and make sure this bill is tabled,” Amadhila said.
“We should give our minister all the support to table this bill without delay,” he added.
Namibia Chamber of Commerce and Industry representative Vetumbuavi Mungunda echoed Amadhila’s sentiments regarding the bill, saying the bill should be tabled immediately.
“We want it passed, this bill will provide for policy certainty. We want to know what the rules of the game, and we want to factor those into business decision making,” Mungunda said.
Industrialisation Minister Lucia Iipumbu said the government was working around the clock to push for the adoption of the bill.
“The ministry of industrialisation has been working around the clock to finalise the new Investment Act, which is currently undergoing final consultative engagements. We are therefore committed to finalise this process to ensure that Namibia addresses the policy gap when it comes to the investment environment to avoid investors’ uncertainty,” Iipumbu said.
Once in law, the bill would create a conducive business environment, Iipumbu said.
“The new investment policy regime will therefore enhance a conducive business environment in Namibia to fully leverage on new investment strategies pertaining to renewable energies, resuscitate the economy within an updated investment legislative and policy framework comprehensively,” she said.
