China, Namibia trade surpasses N$1.3b

Chinese Ambassador to Namibia Zhao Weiping, said that the bilateral trade volume between the two nations surpassed N$1.3 billion in 2023 at a recent media engagement held in Windhoek.

Weiping elaborated on the depth of economic cooperation between the two countries. “For several consecutive years, China has been the largest source of investment for Namibia and also its second-largest trading partner. In 2023, bilateral trade volume exceeded $1.3 billion for the first time. China’s direct investment in Namibia accounts for 29.6% of the total FDI Namibia has received, according to data from the Bank of Namibia,” he stated.

Weiping highlighted several vital projects that are doing well and expressed his excitement towards Chinese companies expressing interest in investment opportunities within Namibia.

“The Husab and Rossing uranium mines are performing well, and the construction of the Lithium Processing Plant by Xingfeng Company has been completed, with production expected to commence later this year. Chinese companies are also making strides in acquiring the Twinhills gold mine and the Tsumeb smelter in Namibia.

“One significant infrastructure project, the new airport road B2 section, is progressing as planned. This project is the largest Chinese Government grant project in Namibia to date. Additionally, the implementation of the Chinese food emergency assistance, announced in October last year, is accelerating,” he added.

The upcoming Forum on China-Africa Cooperation (FOCAC) Summit in the fall is anticipated to be a pivotal event in bilateral relations. “We are looking forward to Namibia’s participation in this important gathering of Chinese and African leaders.”

The summit will be the fourth since FOCAC’s inception in 2000, and it aims to enhance the long-standing friendship and deepen collaboration between China and Africa. The summit will also focus on new development assistance projects benefiting Namibia in areas such as drought relief, agricultural development, educational infrastructure, and vocational training.

China has significantly contributed to global economic growth, averaging over 30 per cent contribution annually. Looking forward, the International Monetary Fund (IMF) forecasts that China will account for at least 21% of global growth through 2029, surpassing the combined contribution of all G7 countries.

Weiping highlighted the ongoing transformation of China’s economy, which now focuses on high-quality development rather than sheer speed of growth. This shift aims to promote sustainable and higher-quality growth in the coming years. Additionally, China remains committed to its policy of opening up, striving to build an inclusive and universally beneficial global economy.