Stability a prerequisite for foreign investment - UAE minister

13 Apr 2014 16:50pm
By: Francois Lottering
DUBAI, 13 APR (NAMPA) - The 4th Annual Investment Meeting (AIM) which ended on Thursday in Dubai, United Arab Emirates (UAE) drew more than 120 different countries together and created a conducive platform for investor engagement.
UAE Minister of Economy, Sultan Bin Saeed Al Mansoori told investors during an open discussion on investment climate that the Dubai business engagement was not just about discussing the possibility of investing money in countries, but it was also about discussing the importance of ensuring that the environment targeted for investment enjoys good political and economic stability.
“When I talk about instability, I do not only refer to wars and social upheavals, but the stability within the government as a whole,” the minister said.
Mansoori said such concerns are not limited to Africa, because the instability and ever-changing environment in some European countries also create a sense of fear among investors.
“There should be strong and effective bilateral investment protection agreements signed between the countries. Somehow, the legal systems in our countries do not help an investor in terms of addressing these issues of stability,” the UAE Minister of Economy said.
Apart from the political and economic stability, Mansoori said investors also look at the maturity of institutions in foreign countries.
Reacting to this presentation, Namibia’s Deputy Minister of Trade and Industry, Tjekero Tweya, who was lead a strong governmental and business delegation to Dubai, told Nampa that Namibia is already many steps ahead of investors when it comes to stability.
“It is a fundamental principle to ensure that there is stability and security before we encourage investors or financial institutions to come to Namibia. We are also looking to grow our small and medium-sized enterprises (SME's) which are the building blocks for the success and future prosperity of our country,” Tweya said.
He said the Namibian Government has also ensured that the laws of the regulatory framework for welcoming foreign investment is such that due respect is given to the citizens of the country as the ultimate beneficiaries.
“When the citizens are the beneficiaries, they will obviously support any other help that will come to help push them further up to that next level,” Tweya added.
This year participating countries showcased their potential to investors in innovative sectors like information and communication technology and traditional sectors such as agriculture, tourism and real estate.