WINDHOEK, March 23 — Minister of Industrialisation and Trade Lucia Ipumbu said the country is in the final stages of enacting the Namibia Investment Promotion and Facilitation Act (NIPFA) which will enhance a conducive business environment in Namibia.
The new investment act aims to fully leverage on new investment strategies pertaining to renewable energies as well as resuscitate a post-COVID-19 economy within an updated investment legislative and policy framework comprehensively.
There is a need to ensure that Namibia is not duly left with a policy gap when it comes to the investment environment to avoid investors’ uncertainty, Ipumbu said, adding that this will enable a viable institutional framework to support policy ambitions through the policy desk at the Ministry and Namibia Investment Promotion and Development Board whilst fostering the required investor-friendly infrastructure through the Integrated Client Service Facility or a One-Stop-Shop.
She said these initiatives are all anchoring ambitions on an effective investment framework to drive sustainable investment.
“Furthermore, embracing a modern investment law shall help ensure that Namibia can develop a new Industrialisation Policy that will replace the 2012 version but be accommodated within a modern investment law. Similarly, the emphasis on Sustainable Investments speaks largely to the country’s global commitment to ensure that we promote and attract environmentally friendly economic projects thereby fostering low carbon transition pathways which are also congruent with social stability and the equitable distribution of their returns,” she said.
According to Ipumbu, Namibia is also further finalizing the Special Economic Zones Policy (SEZs) and attendant Act which are key legal instruments that are deployed to ensure the attainment of economic goals.
“SEZs provide a valuable platform to enable structural change through infrastructure development and streamlined regulatory mechanisms that yield significant economic benefits. The SEZ Policy also signals to both domestic and foreign investors our readiness for doing business, building key strategic sectors whilst adhering to sustainability principles.” she said. – XINHUA