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Namibia: Geingob Upbeat About Economy
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New Era (Windhoek)
24 April 2008
Posted to the web 24 April 2008
Kuvee Kangueehi
Windhoek
The new Minister of Trade and Industry, Hage Geingob, believes that Namibia can develop a resilient and diversified economy that would make the nation prosper regardless of the negative global trends.
Motivating Vote 19 of the Ministry of Trade and Industry in the National Assembly on Tuesday, Geingob said this can be achieved if Namibia fully exploits its competitive advantages, use the opportunities that niche markets offer, rigorously promote value addition to raw materials and create opportunities for local and foreign investment.
The former Premier said currently there is a sense of 'gloom and doom' about the global economy due to rising energy costs, inflation, sub-prime mortgage crisis and rising interest rates and fear as to how this would affect the country.
He noted that it is his responsibility as the new Minister of Trade and Industry to effect a turnaround. This, he said, he will endeavour with the support of parliament, the private sector and all spheres of society.
Geingob said although Namibia is sandwiched between two regional giants -
Angola and South Africa - it has only two million people and a small domestic market that cannot offer the economies of scale to produce or manufacture, but the country still can compete.
He said as a nation, Namibia produces world-class products from fisheries, mining, agriculture and manufacturing.
"Our beer, free range beef, white fish, oysters and crayfish and table grapes are already fetching high prices in the export market."
He added that Namibia still has a lot more to offer, such as free-range lamb and goat, biltong and other processed meat products, venison, dairy products, fine leather goods, electronics, jewellery, cut and polished diamonds and a large range of products in mining.
Geingob said Namibia excels in some areas of services and international trade such as tourism, financial services and professional services.
The minister added that talented and entrepreneurial Namibians are beginning to take on international markets in all seriousness.
Breaking down the ministry's budget allocation of N$185 million, Geingob explained that N$157 million is an operational budget while N$28 million is a development budget.
The Ministry of Trade and Industry's budget as expressed in its medium-term plan consists of five programmes, namely trade promotion and facilitation; small and medium enterprises and entrepreneurship development; an industrial planning and infrastructural development programme; domestic market competitiveness and domestic and foreign direct investment promotion.
A total of N$55 million has been allocated for trade promotion and facilitation. The programme handles Namibia's responsibilities concerning SACU, SADC, and trade and industry related aspects in the African Union and the Africa-Caribbean-Pacific group of countries.
The ministry is in the process of establishing the board of trade, a future tariff setting and import-export control body that is a requirement under the SACU Treaty and the SADC National Committee Secretariat.
Geingob revealed that during November 2007, President Hifikepunye Pohamba and his South African counterpart, Thabo Mbeki, jointly opened the International Investors Conference in Windhoek, which showcased investment projects in agro-processing, aquaculture, manufacturing, mining, energy, tourism and services.
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He added that the cooperation agreements, which were signed could lead to investments of over N$2 billion and the creation of thousands of jobs.
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