Namibia imported N$1.4 billion in goods and services from Japan compared to exports amounting to N$90 million, revealing an imbalance in the trade relations between the two countries.
The Minister of Industrialisation and Trade Lucia Iipumbu called for greater collaboration and enhancement of trade relations between Namibia and Japan in areas that are currently not explored.
“In order to change our trade statistics, we shall look at collaborating in industrialisation, manufacturing, automotive, health and energy, as well as production of machinery, which we want to partner and turn into a joint commission and strengthen the already existing bilateral relations,” she said.
“As of now we are trading on the most favoured nation tariffs but we need implement competitive agreements, which can improve our trade statistics. As it stands our trade is not commensurate with what we export, hence we need to foster collaborations with Japan.”
Iipumbu made these remarks after signing bilateral agreements with Nishimura Yasutoshi, Japan’s Minister of Economy, Trade and Industry.
Among the areas of cooperation includes the support of trade, investments and governance, collaboration of the business sector, support of human resource development, and improving the overall business environment.
“During these discussions, we both reaffirmed our commitment to enhance trade and collaboration between our two counties. Namibia expressed appreciation for the interest shown by Japan for exploring opportunities in our country, particularly renewable energy, hydrogen energy and health sectors; and this will be done through the exchange of critical information,” she said.
With these bilateral relations, Iipumbu said it provides legally binding opportunities.
Meanwhile, Yasutoshi said Japan is ready to provide support to Namibia not only in the mining sector but also in human resource development and research.
Yasutoshi was on a one-day official visit to sign deals on rare earth metals and green hydrogen among others.
