Government of Namibia
(Windhoek)
Dr. Hage Geingob
6 October 2008
document
Washington, DC — Prepared remarks to the Namibia Investor Forum on Trade and Infrastructure Investment Opportunities in Washington, DC by Dr. Hage Geingob, the minister of trade and industry.
I am delighted to be in your presence to share some thoughts on investment opportunities in Namibia, and how you particularly the United States business fraternity can do business in Africa by using Namibia as a gateway to the Southern African region.
Since the onset of independence in 1990, the agenda of the Namibian Government has been steadfastly on the development of the resources of the country and to improve the living standard for all its citizens.
Therefore, a business enabling environment was created with features such as an independent judiciary, multi party electoral system, and business supportive investment laws.Namibia is a functioning democracy, so far we have had four parliamentary and Presidential elections with the fifth coming next year. All these elections were free and fair. We therefore give credit to the opposition parties, although elections are contested fiercely, when a victor is announced we move on.
We also had a peaceful transition of presidents both at party level and government. Very smooth seamless transition. We have regular by-elections equally contested but at the end when winner is announced every one embraces the outcome.We have both political as well as human liberties. Political liberties such as free elections; and human liberties such as freedom of association, respect for human rights and adherence to the rule of law. All the ingredients of what you call here the liberal democracy concept are in place.
We have free press, and no journalist was ever arrested or harassed, no body was ever harassed or imprisoned for their political affiliation.When it comes to political democracy, Namibia is one of the few oases of peace, tranquility and democracy. Effective governance therefore is in place where the economy is managed frugally.
Our GDP growth rate average has been four to five percent for the past ten years, though not quite enough to meet our developmental needs as we need seven percent to achieve that.
All the same it has been consistent and not on the downside but positive.
Fiscal deficit is also managed within the limits, this year its at 1,8 percent. Debt stock is 25% of GDP, I saw one of the big countries with 60% debt stock, thus the 25% of Namibia is not too bad. Inflation is at single digit level, while interest rates are inherited but also manageable. We don't have an independent monetary policy.
All political and economic fundamentals are in place. However people do not eat democracy, they don't eat good governance. They eat food. They don't sleep in free press, they sleep in houses. They don't wear free movement, they wear clothes.
Therefore what we call the second phase of the struggle is now on. That of economic emancipation.We therefore believe in democracy with distributive justice. Democracy without distributive justice will spell problems. We further more believe in inclusivity, we believe in governance in partnership, all Namibians must be stakeholders and all must be included. We have learned that exclusion on the basis of racial, ethnic and other bases spells conflict. Therefore effective governance equals inclusivity, transparency and accountability which results in trust. Wherever people are excluded there is conflict. For good governance is about trust and inclusion in the economy. Hence, we are here to tell you friends, that Namibia is ready to do business with you.
Since my colleague will elaborate on Namibia's investment opportunities, let me just say that we have a new dimension in the Millennium Challenge Account compact that we have signed and which is about to be ratified in Parliament. The MCA is offering great potential because we are talking here about USD 300 million in rural and infrastructure development projects to be taken up through an international tendering process, thus creating opportunities for American and other business people to cash in while doing business with Namibia.
As we are at the eve of a major infrastructure conference let me say that no industrial country has advanced to such a status without developing solid infrastructure facilities. And no low-income country has managed to escape poverty in the absence of infrastructure. There is no question that, for a developing country, infrastructure investment will pave the way for growth and thus poverty reduction. Poverty reduction and economic development depend on sustained growth, which in turn depends on productive activities supported by roads, railways, seaports and airports, power generation and transmission and other infrastructure services.
In conclusion my dear friends, let me quote Tony Blair former Prime Minister of the UK on what he says about Africa. He says "What Africa absolutely does not need is 15 thousand aid projects". He says the shift should be from "hand-outs" (creating dependency) to "hand-ups" (lifting people to new opportunities). He says lets bury the poor Africa image.
What Africa needs now is help in creating the legal and commercial framework, and the physical infrastructure for private investments focused on African opportunities in telecoms to manufacturing. That's what he says. I am very glad to see many African brothers here, Africans based in the USA and doing business here for the benefit of the African continent. This is no more brain-drain but brain-gain, meaning putting investments and experience back into Africa.
Lastly ladies and gentlemen; Namibia is a pleasant place to work, make money and live in, and has so much more than mining to offer to the international investor.
Engage us and we can reap the fruits together.
Dr. Geingob served as Namibia's first prime minister from 1990 to 2002. He earned a Ph.D. in political science from the University of Leeds.
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