The Ministry of Finance and the Ministry of Fisheries and Marine Resources in Namibia have opened bidding for 30,540 metric tonnes (MT) of Horse Mackerel.

The decision to hold this auction is in line with Section 3(3) of the Marine Resources Act, Act No. 17 of 2000 as amended, which allows the government to utilize or harvest marine resources to promote social-economic, cultural or other governmental objectives in the public interest through an entity or person designated by the Minister, on direction from Cabinet.

This move comes as the Namibian government has set the total allowable catch (TAC) for horse mackerel at 290,000 metric tonnes (MT) for the 2023 season, which began on January 1, 2023, and will run until December 2023.

This is a reduction from the 330,000 MT approved for the 2022 fishing season.

In 2022, Namibia's fish exports decreased marginally by 1.3% to N$7.8 billion from N$7.9 billion recorded in 2021, according to the latest figures.

The fishing sector, according to Simonis Storm, accounted for an average of 12.5% of total exports in 2022 and year-to-date accounted for 5.7% of real GDP.

In 2020, the Namibian government resolved to sell fish quotas through a competitive auction system to the highest bidder, as part of efforts to ensure that the country receives the correct value for its fishery resources and fully benefits from its natural resources.

The government's decision to open the bidding process for Horse Mackerel is expected to generate revenue for the country and provide a platform for companies to secure access to the much-needed resource.

The auction is also expected to contribute to the government's efforts to achieve its social-economic and developmental goals through the responsible management of its marine resources.

 Namibia is an African country that offers several attractive investment opportunities for investors. Some of the reasons for investing in Namibia include: