The Namibia Investment Promotion and Development Board (NIPDB) is set to promote investment opportunities in Namibia on the margins of the United Nations General Assembly summit underway in the United States of America (USA) to boost the inflow of foreign direct investment (FDI).
In 2022 Namibia received N$1 billion in FDI – with oil and gas, financial services and manufacturing sectors being the main recipients of the investments.
“As the largest source of FDI in the world, the USA is a key and untapped market for Namibia. However, Namibia currently receives only a small percentage of FDI from the USA,” said NIDPB Chief Executive Officer Nangula Uaandja.
“The NIPDB is thus making a deliberate effort to tap into this market and in order to secure further investment in the oil and gas as well as mining industries. Furthermore, under the African Growth and Opportunity Act (AGOA), Namibia is eligible to export a variety of products to the US market. Up to 6,400 products manufactured and/or sourced from Namibia are allowed to enter the US market quota-free and duty-free as long as rules of origin with the value-added threshold of 35% is achieved.”
She added that AGOA also offers significant trade and investment opportunities for US firms, through initiatives such as joint ventures and value-added products.
Uaandja highlighted that USA firms intending to set up in Namibia can benefit from up to 97% market access through the Africa Continental Free Trade Area, and the European Union where Namibia is granted duty-free and quota-free 100% market access through existing trade agreements.
“Deliberate efforts are being made to enable Namibian companies to take up these opportunities,” Uaandja said.
“In light of these investment and trade potentials, and given the profile and calibre of key global players anticipated to attend the UNGA, the NIPDB has planned a series of strategic engagements with potential investors to create awareness about Namibia and share insights into the country’s investment landscape, highlighting opportunities across multiple sectors including green hydrogen, agriculture, education and mining, amongst others.
“With this intervention, the NIPDB is continuing to signal to the world that Namibia is open for business and committed to attracting foreign investment as a catalyst to economic growth and employment creation,” she added.
There is a high-profile delegation in the US headed by President Hage Geingob, who is attending the UN summit that started on Monday and ends on 26 September.
Uuandja also announced that NIPDB will be co-hosting a roundtable discussion on education titled “Preparing for the Jobs of Tomorrow: Upskilling to Green Jobs and Increasing Education Access,” side-to-side with the Minister of Education, Arts and Culture, Esther Anna Nghipondoka.
The discussion is organised with the aim of encouraging international collaboration and partnerships in the education sector.
She said further engagements will be held with key philanthropic and education development organisations, for purposes of mobilising potential funding sources to support various strategic interventions of the ministry, which includes addressing teachers accommodation facilities, school hostels, resource school and community learning and development centres.
“Our mission is to amplify the opportunities that Namibia offers in various sectors such as energy and mining to potential investors and key decision makers who have the means to help us unlock investments that will stimulate economic development and generate quality jobs for Namibians,” Uaandja added.
