By Benjamin Wickham
WINDHOEK, Oct. 13 — In a pivotal address at the South Africa-Namibia Business Forum & Exhibition on October 13, 2023, His Excellency Dr. Hage G. Geingob, the President of the Republic of Namibia, underlined the significance of enhancing economic relations between Namibia and South Africa. This high-profile event served as a platform to strengthen the enduring trade, industrial, and investment bonds shared by the two nations.
President Geingob commenced his speech by acknowledging the deep-rooted historical connections between South Africa and Namibia, emphasizing that both countries had fought alongside each other during times of adversity, striving for freedom and democracy. He highlighted the shared socio-political history, which laid the foundation for the present-day relations between the two nations.
As President Geingob elucidated, the second phase of the struggle faced by South Africa and Namibia pertains to combating common challenges like poverty, inequality, unemployment, and climate change. These shared hurdles require unified efforts to find viable solutions. The South Africa-Namibia Business Forum played a pivotal role in this endeavor by deepening economic ties.
President Geingob, amidst a backdrop of global instability and economic uncertainty, underscored the importance of identifying industrial, trading, and investment cooperation opportunities that would foster collective economic prosperity. Given the challenging geopolitical environment and changing supply chain dynamics, it was vital to secure the economic and political future of both nations.
One of the significant discussions revolved around the low level of industrialization in many parts of Africa, resulting in low intra-Africa trade. To address this, the Southern African Development Community (SADC) had initiated an industrial agenda, focusing on regional value chains. President Geingob emphasized that Namibia and South Africa should spearhead the regional industrialization process and produce goods locally, furthering the prospect of re-exporting these products to serve the broader African market.
South Africa remained Namibia’s largest trading partner, with robust integration in key sectors like financial services, retail, transport, and logistics. These economic ties presented substantial opportunities for collaboration, which would ensure success in the second phase of their collective struggle.
In addition to trade, both countries offered significant potential in mineral beneficiation and renewable energy. Namibia’s resources in lithium, graphite, and rare earth minerals could play a crucial role in the global transition to renewable energy. President Geingob encouraged the development of innovative and efficient technologies to support green hydrogen and renewable energy. Local value addition was seen as crucial for the success of these sectors.
At a macro level, terms of reference for the South Africa-Namibia Joint Trade and Investment Committee were announced. Special Economic Zones and cross-border economic zones were proposed to ensure efficient economic outcomes.
The establishment of a Namibia-South Africa Business Council was proposed to foster closer identification of investment and industrial opportunities. Equally significant was the proposal to set up an Industrial Development Fund between the two countries to attract private capital and enhance the viability of identified investments.
President Geingob underscored the importance of robust Environmental Social and Governance (ESG) frameworks to address the shared challenges. These frameworks would strengthen entrepreneurship and enterprise development and promote a stronger connection between the formal and informal economies.
In closing, President Geingob emphasized the importance of balanced and inclusive trade and investment to ensure sustainability. He encouraged taking advantage of the countries’ natural resources and young populations to develop a shared sustainable and prosperous future, united in their quest for economic emancipation and shared prosperity.
President Geingob’s speech at the South Africa-Namibia Business Forum & Exhibition showcased the commitment of both nations to overcoming common challenges and fostering economic cooperation for a brighter future.
