19 December 2013

Namibia: FDI Stimulates Local Business

Ongwediva — The Namibian Chamber of Commerce and Industry (NCCI) northern branch said despite having a challenging year brought on by drought that had a devastating impact on food security and the local economy, the strong performance of local and foreign direct investment (FDI) had a positive impact on business.

In his year-end message the NCCI's northern branch chairman Thomas Koneka Iindji noted the continuing strength of FDI investment in northern Namibia witnessed through several capital projects such as infrastructural development, which favourably impacted the local economy.

"We believe though that more progress will be made by our government in 2014 to support local investments. As the only business organisation in the country with a multi-sectoral perspective, we are in a fundamental position with policy makers to drive a focused business agenda. Namibia is faced with triple challenges of unemployment, poverty and income inequality. Sufficient tax revenue from government should ensure that these challenges are addressed through budgetary allocation to economic and social sectors such as health, education and infrastructure development," said Iindji.

Iindji assured that the NCCI would continue to position itself to show real leadership on the key issues of impacting on northern global competitiveness to retain and grow FDI as well as promote joint ventures between big or national companies to add value to the local economy.

"While facing the multitudes of often difficult and challenging decisions to ensure sustainability, the unchanging flame of hope must always prevail. Our business owners have expressed their desire to protect the interest of their businesses - by extension the wellbeing of their employees. We are all inter-connected and must have faith in each other. As we approach the Christmas all of us at the chamber would like to remind people of an important part of the season which is sharing especially with those in need," he said.

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