GOVERNMENT will reserve some sectors of the economy for the employment of Namibians only in its review of the Investment Act, Deputy Trade and Industry Minister Tjekero Tweya said yesterday.
However, Government will also explore avenues for “foreign national joint venture arrangements”, he said.
Speaking at the launch of the Arandis Investment Conference and Mineral, Mining and Energy Expo in Windhoek, Tweya said Government is reviewing the act to “ensure that it remains relevant and effective by being suitable and compatible to the current global realities”.
“The review of the Investment Act is therefore premised on safe, worthy, predictable and sustained direct investment in Namibia, with a clear focus that it should complement and not just supplement domestic investment,” he said.
Tweya said the review wants to steer investments into “channels that would make a realistic investor return, but also to create economic productive capacity for Namibia, aiding in competitiveness and industrialisation”.
Government believes that investments in especially the mining sector are key fundamentals to economic growth in Namibia, Tweya said. “Therefore an investment conference of thgis nature is an important opportunity to the town of Arandis to secure investment that can create sustainable employment opportunities to the community of Arandis and the Erongo Region.”
The conference and expo are scheduled for April 25 to 27 next year, and will take place under the theme ‘Finding Financial Solutions for Sustainable Development Initiatives’.
“The overriding objective of the upcoming conference and the first ever international mineral, mining and energy expo is to highlight to potential investors that as a town, we are ready and willing to take on any challenges to improve Arandis as an investment hub,” Arandis Mayor Daniel Muhuura said.Arandis town council chief executive officer Florida Husselman said the council has been able to “orchestrate a few vital functions that make us better, as well as preparing our town for further investment”. The council has ensured that Arandis has the necessary infrastructure to handle increased demand, she said.
“We have ensured harmony and political stability internally so that investors are assured of only the best when they commit to Arandis in the future,” Husselman said.