The ongoing 78th United Nations General Assembly (UNGA) is being used as an ideal opportunity by the Namibia Investment Promotion and Development Board (NIPDB) to leverage the convening power of the event to position and elevate Namibia's visibility as a viable investment destination. The assembly is scheduled to conclude on 26 September 2023.
"Our mission is to amplify the opportunities that Namibia offers in various sectors such as energy and mining to potential investors and key decision makers who have the means to help us unlock investments that will stimulate economic development and generate quality jobs for Namibians," said NIPDB chairperson and CEO, Nangula Uaandja.
She added that the NIPDB and other government officials will leverage the opportunity to reiterate the Namibian government's commitment to develop and sustain a conducive investment environment characterised by predictable and responsive policy frameworks, while correcting any misconceptions that may exist about Namibia as an investment destination.
The UNGA serves as the chief deliberative, policymaking and representative organ of the United Nations, and comprises all 193 members of the United Nations, including Namibia. Essentially, the UNGA is one of the most high-profile gatherings of influential political and business leaders from around the world, thus providing access to key-decision makers and potential investors from diverse sectors.
Investment potential
The NIPDB has noted that as the largest source of Foreign Direct Investment (FDI) in the world, the United States of America (USA), is a key and untapped market for Namibia. However, Namibia currently receives only a small percentage of FDI from the USA.
According to the Bank of Namibia, in 2022, US FDI to Namibia was N$1 billion, with oil and gas, financial services and manufacturing sectors being the main recipients of this investment. The NIPDB stated it is thus making a deliberate effort to tap into this market and in order to secure further investment in the oil & gas and mining industries.
Furthermore, under the African Growth and Opportunity Act (AGOA), Namibia is eligible to export a variety of products to the US market. Up to 6400 products manufactured and/or sourced from Namibia are allowed to enter the US market quota-free and duty-free as long as rules of origin with the value-added threshold of 35% is achieved. AGOA also offers significant trade and investment opportunities for US firms, through initiatives such as joint ventures and value-added products. Also, US firms intending to set up business in Namibia can benefit up to 97% market access through the Africa Continental Free Trade Area, and the European Union where Namibia is granted duty-free and quota-free 100% market access through existing trade agreements.
"In light of these investment and trade potentials, and given the profile and calibre of key global players anticipated to attend the UNGA, the NIPDB has planned a series of strategic engagements with potential investors to create awareness about Namibia and share insights into the country's investment landscape, highlighting opportunities across multiple sectors including green hydrogen, agriculture, education and mining, amongst others. With this intervention, the NIPDB is continuing to signal to the world that Namibia is open for business and committed to attracting foreign investment as a catalyst to economic growth and employment creation," reads an NIPDB statement.
Some of the investment promotion activities taking place during this mission include an anchor event, a roundtable discussion and education related engagements.
Anchor event
The anchor event, "Invest in Namibia" is to be hosted in partnership with RMB in Namibia, the corporate and investment banking division of FNB Namibia Limited.
"The NIPDB and RMB share a common vision and commitment to support the development of Namibia as an attractive destination for investment in various economic sectors including mining, energy, agriculture and tourism, to name a few," the investment board stated.
NIPDB's aim is punctuated by a particular focus on value-addition and increasing the value of the Namibian export base to further strengthen the economic foundation for Namibia and enhance the livelihoods of all Namibians.
"Over the more than 30 years of Independence, Namibia has been able to curate a unique set of investment opportunities, specific to its resource wealth. and supported by deep expertise in varied sectoral finance. Rule of law is upheld, and private property rights are respected, which is key for private sector investments," shared Philip Chapman, CEO of RMB.
Roundtable discussion
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
As part of the Concordia partnership, the NIPDB will co-host a roundtable discussion on education titled "Preparing for the Jobs of Tomorrow: Upskilling to Green Jobs and Increasing Education Access".
Education, Arts and Culture minister, Anna Nghipondoka is expected to participate in this discussion aimed at encouraging international collaboration and partnerships in the education sector.
"This dialogue is particularly important as it is aimed at fostering multilateral collaboration and an environment where the private and public sector work together to address shared challenges such as the development of skills that are needed for the future world of work, and in particular green jobs," the NIPDB stated.
Education
In addition, the NIPDB and the education ministry are scheduled to host engagements with key philanthropic and education development organisations, specifically for purposes of mobilising potential funding sources to support various strategic interventions to create a conducive teaching and learning environment in public schools.
These include the construction of teachers' accommodation facilities, school hostel, resource school and community learning & development centres, amongst others.
