Namibia: Economic Summit Pleases VP Mbumba

6 August 2019

Windhoek — Quality plenary discussions, presentations, networking opportunities and open and frank dialogue between the public and private sector at last week's Economic Summit for Growth impressed and excited Vice-President Nangolo Mbumba, he confirmed.

Speaking at the closing of the summit, themed "Economic Revival for Inclusive Growth - Strengthening the Namibian House", Mbumba said the summit has managed to identify the fundamental bottlenecks hampering the growth of the Namibian economy.

Therefore, he said, government has taken note and is committed to ensuring that the necessary public sector policy reforms are addressed within the next 6 to12 months.

Moreover, Mbumba said the summit has reached and even surpassed its initial target of private sector investment commitments, which currently stand at more than N$23.4 billion of committed project funding, and another one equating to more than N$17.4 billion in pledges of much needed investments into the Namibian economy over the next 24 months.

"You will agree with me that this type of commitment and investment will go a long way into strengthening Namibia's case of being a preferred and attractive investment and tourism destination of choice," Mbumba said.

He said the summit has also managed to reach consensus on the best and the most sustainable ways to create jobs and attest that it cannot be business as usual.

"The onus is upon us as a nation to urgently relook our existing systems, change the way we conduct business and a national mindset shift, while utilising our comparative advantage, harnessing the potential of existing technology and our human capital to unlock and create the Namibia that we all want to see and live in," he stresses.

Mbumba used the opportunity to thank President Hage Geingob for always remaining at the forefront as the principle driver of economic prosperity for our beautiful country Namibia.

"The President appointed the high-level panel on the economy of the country with the specific objective of reviving the economy," Mbumba said, adding that Namibia shall continue to rely on Geingob's tested wisdom for many more years to come.

"Despite contrary belief, this summit is testimony that the Namibian private sector is willing to work with government and drive the economic agenda to overcome our economic headwinds, we can't thank you enough," said the deputy Head of State.

Also speaking at the occasion, Geingob thanked members of the High-Level Panel on the Namibian Economy, under the stewardship of veteran economist Johannes Gawaxab, for having compiled the report with recommendations for consideration on the state of the country economy.

He also thanked the private sector, both local and international, who assisted the high-level panel in the successful hosting of the summit.

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