Angolan-based conglomerate, Karam Group, which manufactures steel, nails, and pipes, is looking to invest N$1 billion in Namibia as part of its expansion plans.
The management team of the company informed President Nagolo Mbumba, who was recently in Angola, that they had secured land in Windhoek and expressed their hope to reach a stage where they would commence operations in the near future.
According to the Presidency, Mbumba was given an extensive tour of the Karam Group’s facilities in Luanda, Angola, offering insights into the company’s operations and export ventures, which have even reached Namibia.
“The company expressed interest in investing in Namibia, setting up similar operations to the amount of 1 billion Namibian Dollars, with potential for 350 employment opportunities for Namibians,” the Presidency said.
Karam Industries was founded in August 2004 and headquartered in Luanda, Angola, with operations in Benin, Congo/Kinshasa, and Congo/Brazzaville. It is a manufacturer specializing in fasteners, cables for both household and industrial use, continuous casting copper rod rolling, automobile ancillaries, and timber products.
During the same one-day visit, President Mbumba embarked on a tour of Sonangol Integrated Logistics Services (SONILS), a key player in providing logistical support and services to the oil, gas, and energy sectors.
“President Mbumba encouraged the leadership of SONILS to work with their Namibian partners on the basis of solid and transparent partnership for the benefit of both countries,” the Presidency said.
The announcement comes on the heels of bilateral discussions between Angola President João Manuel Gonçalves Lourenço and President Mbumba.
