Tiaan Bazuin, the Chief Executive Officer of the NSX, welcomed everyone to the ceremony. The NSX’s prospects were also discussed by Mr. Bazuin, who gave a history of the exchange since its founding in September 1992. He specifically mentioned the imminent launch of an electronic bond trading system, the ongoing application process to join the World Federation of Exchanges—of which only 10 other African stock exchanges are full members—and the ongoing procedures for a licensing application to open a Central Security Depository.
The NSX Chairman, Mr. David Nuyoma, emphasized “The Milestones Achieved by the NSX to Date” in his speech. NSX’s move into carbon footprinting by issuing a NamCode Directive directing institutions that subscribe to the NamCode to appoint a social, ethical, and sustainability committee (“the SESC”) as an annual standing committee in line with the evolving recognition and importance of the environment are a few of the highlights highlighted, among others, the successful listing of Mobile Telecommunications Limited (“MTC”) as the largest capital raising on the NSX to date and the first by a state-owned company; Namibia’s role as one of the first nations in Africa where the International Finance Corporation registered a Bond Program and issued notes in connection therewith on the NSX; the NSX’s ongoing participation in crucial discussions and consultations that result in the creation of numerous laws affecting Namibia’s financial sector environment; and the NSX’s commitment to enlarging regional markets through its membership in the Committee of SADC Stock Exchanges (“CoSSE”) (“SSE”).
Dr. Frans Cronje, the keynote speaker, of Frans Cronje Private Clients, an independent firm that specializes in economic strategy and advice, spoke very highly of Namibia and laid out the three inherent advantages that the nation has that foreign companies can capitalize on to benefit from Namibia’s potential as a transport and logistics hub. ‘The first is that funding Namibia’s transportation infrastructure is not a new-project initiative. Road, rail, port, air, and data and communications basic infrastructure is good, but it would need to be extended to accommodate projected demand. The second is that South Africa’s port, electricity, and rail infrastructure is deteriorating to the point where repairing it will be very expensive and fraught with political difficulties, both of which are extremely frustrating for businesses operating there and for those attempting to conduct business with Africa through South Africa. The third benefit is that, compared to routes from Africa’s east coast, Namibia’s terrain is more conducive to the development of ground transportation infrastructure in sub-Saharan Africa. ‘ He added that of central importance is “Namibia’s standing, fairly unique in Africa, as a fundamentally free, open, safe, peaceful and democratic society”. In conclusion, Mr. Cronje highlighted that “World Bank data shows that Namibia’s per capita GDP in US dollars has risen to just over $5 000 today. That $5 000 is equivalent to roughly 40% of the global average. In 1980 however, Namibia’s figure was roughly on par with the then-global average. The subsequent shrinkage relates in the main to the extraordinary growth rates recorded by China, India, and the Asian Tiger economies over the intervening 40 years that propelled billions of people out of poverty and into relative prosperity. Exploit the resources and opportunities I have set out here tonight and Namibia could record equally impressive rates of growth that within a generation would see the country reach a comparable per capita GDP figure to that of Turkey or Malaysia today.”
In response to the massive potential of the Namibian economy highlighted by Mr. Cronje, the CEO of the NSX says that “The NSX will be the boat that floats on the rising tide”.
As custodian of The NamCode: The Corporate Governance Code for Namibia, the NSX deemed it fit to gift all the attendees at the event with a copy of the Code. A free copy of The NamCode can be downloaded online at www.nsx.com.na and a hard copy can be purchased at the NSX office for N$100.00.
