Nandi-Ndaitwah rallies investors to Namibia
By Hilary Mare
NETUMBO Nandi-Ndaitwah, Deputy Prime Minister and Minister of International Relations and Cooperation has encouraged investors to leverage on Namibia’s regional and continental integration agenda and further take advantage of the numerous investor friendly prospects it presents.
Addressing delegates at the economic growth summit organised by the High Level Panel on the economy last week, Nandi-Ndaitwah highlighted that by investing in Namibia, the investor has a duty-free market access to the entire SACU market among other key benefits.
“First, SACU presents a duty-free market size of about 61 million people and a combined GDP of about N$4.384 trillion by 2015. Thus, SACU offers unlimited access to a wider market for the export of their goods and to some degree services within which traders and investors can take advantage of economies of scale. Second, the SACU Agreement affords some policy space to BELN economies for domestic industrial development.
“Third, the growth opportunities presented by SACU are further reinforced by financial and price stability benefits accruing from Namibia’s membership in the Common Monetary Area (CMA). The Currency peg to the South African Rand (ZAR) does not only offer price stability, but also facilitates capital mobility within the CMA and forth, duty free and a tariff-free market access within the Customs Area allows for domestic participation in value chains an important stepping stone for regional integration beyond SACU,” said the Deputy Prime Minister.
She went on to state that regional and continental integration is the key to the realisation of Africa Agenda 2063.
Agenda 2063 is Africa’s blueprint developmental agenda that calls for Africa to become industrialised continent by 2063.
“The Agenda recognised the role the private sector should play in creating the Africa we want. Subsequently, as one of the flagship project to be implemented in the first ten years of Agenda 2063, by the decision of the Assembly, Private sector Forum has been established and thus far two Forum of the Private Sector have taken place. The purpose is for the Private Sector to share information and identify bankable projects for investments and to mobile finances. Agenda 2063 also identified the importance of human capital development with special focus on women and youth.
“With coming into force of the AfCFTA avenues are open for Africa to effectively deal with complicated problems confronting Africa as alluded to by Kwame Nkrumah. I for one strongly believe that Africa including Namibia has everything it takes to eradicate poverty and bring about sustainable development and shared prosperity. We have resources; we have policy instruments and human capacity. The only thing we have to work on is our attitude towards Africa development. Africa is open for investment. Africa is open to those who are ready to walk with us towards the realisation of Agenda 2063,” added Nandi Ndaitwah.
The AfCFTA brings together 55 African countries with a combined population of more than one billion people and a combined GDP of more than USD 3.4 trillion. Furthermore, in July 2017, the Assembly adopted modalities for tariff negotiations with a high level ambition on tariff reduction for trade in goods. The goal is for 90% of tariff line to be cut to zero duty rates within five years for developing countries and within ten years for Least Developed Countries, (LDC) following a leaner-cut approach.