…with a new national investment promotion agency proposed
The Namibian government has tabled the Namibia Investment Promotion and Facilitation Bill in Parliament, seeking to attract domestic and foreign investment, create employment opportunities and increase Namibian participation in the economy.
Minister of Industries, Mines and Energy Modestus Amutse, acting as Minister of International Relations and Trade, said the proposed legislation aims to modernise Namibia’s investment framework and improve the country’s investment environment.
Tabling the Bill in Parliament on Wednesday, Amutse said the legislation would replace the Foreign Investments Act of 1990, which has governed the country’s investment framework for more than three decades.
“The Bill advances a clear national aspiration: to attract and retain investment that creates decent employment, builds productive industries, develops skills and enables more Namibians to participate meaningfully in economic activities,” he said.
The proposed legislation provides for the establishment of the Investment Promotion Agency of Namibia, which would be responsible for promoting investment, coordinating investor services and assisting businesses in navigating government institutions.
The agency would also support existing investors to encourage the retention and expansion of investments in the country.
Amutse said the Bill would introduce transparent investment registration and monitoring systems, strengthen accountability in the administration of investment incentives and promote responsible investment.
The legislation also proposes measures to increase Namibian participation in the economy by allowing certain sectors or business activities to be reserved exclusively for Namibian citizens and qualifying enterprises.
Other sectors could be opened to investment subject to requirements for Namibian ownership and effective control.
“The Bill creates a framework for meaningful Namibian participation in the economy. It enables specified sectors or business activities to be reserved exclusively for Namibian citizens and qualifying enterprises, or to be opened to investment subject to citizen ownership and effective control requirements,” Amutse said.
The proposed legislation further includes provisions to protect investors, ensure fair and transparent treatment and establish mechanisms for resolving investment-related grievances.
According to Amutse, the Bill was developed following public consultations across all 14 regions, involving business associations, investors, professionals and other stakeholders.
He said the proposed reforms are intended to strengthen Namibia’s ability to attract and retain investment while ensuring that investment contributes to industrial development, skills development and employment creation.
Amutse urged Parliament to prioritise the legislation, citing changing global and domestic economic conditions and the need for Namibia to capitalise on emerging investment opportunities.
“The prevailing global and domestic economic realities dictate that this Bill be finalised as a matter of urgency,” he said.
