By Kaleb Nghishidivali
WINDHOEK, August 07 – Lucia Iipumbu, Minister of Industrialisation and Trade, addressed stakeholders at a consultation meeting held at NIPAM Windhoek, focused on the Namibia Investment Promotion and Facilitation Bill (NIPFB). This crucial gathering aimed to finalize the NIPFB, a significant stride towards unlocking investment potential and fostering trade opportunities in Namibia.
The Ministry of Industrialisation and Trade (MIT) is acutely aware of the need to expedite the modernization of the nation’s investment regulatory and policy framework. This initiative seeks to propel Namibia into a new era of economic dynamism by nurturing both local and international investment endeavors.
Minister Iipumbu underscored the significance of an all-encompassing investment environment, stating, “The new NIPFB must cater to both local and international investments.” The ministry is currently in the final stages of consultation to complete the new Investment Act.
Despite grappling with challenges stemming from the pandemic and ongoing global geopolitical complexities, the minister remains resolute in addressing policy gaps within Namibia’s investment landscape. The existing Foreign Investment Act (FIA), deemed outdated, lacks provisions for forward-looking and sustainable investments, impeding the integration of investments driven by the 4th Industrial Revolution and policy innovations concerning Special Economic Zones.
The forthcoming investment policy aims to establish a supportive business ecosystem, enabling Namibia to harness novel investment strategies, especially in renewable energies. This initiative seeks to rejuvenate the economy through a revamped legislative and policy structure.
The Ministry’s policy desk, in conjunction with the Namibia Investment Promotion and Development Board (NIPDB), will play a pivotal role in fostering investor-friendly infrastructures. In response to feedback and calls for further consultations, a Technical Committee has been assembled to address concerns, propose amendments, and offer recommendations for the Bill’s enhancement, ultimately presenting them to the Cabinet.
Minister Iipumbu expressed gratitude towards business associations for their dedication in expediting the process and finalizing the bill. She highlighted that stakeholder engagements have taken place across all 13 regions, involving Members of Parliament. The consultation in the Khomas region marks the culmination before the bill’s resubmission to Cabinet and Parliament.
The proposed NIPFB, developed through a consultative approach, seeks alignment with national objectives encompassing industrial stimulation, economic structural transformation, and the attraction of sustainable Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI).
Minister Iipumbu encouraged robust and constructive participation from all stakeholders in refining the Bill, facilitating an environment that encourages and advances investments in Namibia.- Namibia Daily News
