05 Feb 2015 14:10pm
WINDHOEK, 5 FEB (NAMPA) The Ministry of Trade and Industry is in the process of reviewing existing legislation and initiating new laws in the areas of foreign investment and investment incentives.
These reforms are aimed at improving the investment and business environment for both domestic and international companies in Namibia, while making the Namibian environment more attractive, transparent and efficient for businesses to operate in.
Trade and Industry Minister Carl-Herman Gustav Schlettwein made these comments on 27 January in Berlin, Germany during his interaction there with the German business community.
His speech was made available to Nampa on Thursday.
Namibia is a small, open economy with a credible and strong democratic record, peaceful multi-party political system and strong rule of law, he stated.
Schlettwein added that Namibia is known for its good infrastructure and commendable tourist attractions and facilities, which made it the greatest and increasingly popular holiday destination.
Namibia receives about 80 000 German tourists each year, making it the largest group of non-African tourists here.
The minister acknowledged that tourism is the most dynamic and fastest-growing sector of the Namibian economy, and that it is an integral part of the countrys economic growth.
Schlettwein announced that although there was a preceding prolonged drought, the Namibian economy grew by 5.1 per cent in 2013, while in 2014, the Gross Domestic Product (GDP) increased to 5.3 per cent, and is expected to increase slightly to 5.6 per cent this year.
The minister emphasised that Namibia's economy is strongly dependent on imported manufacturing and consumer goods from the rest of the world.
The new legislation, therefore, represents a tremendous opportunity for investors to manufacture for the domestic and southern African regional markets.
Namibia seeks to become the most competitive economy on the African continent, mainly by drawing on its comparative advantages and developing the industrial base to successfully integrate into the regional and global value-chain, said Schlettwein.
He indicated that by being aware of the limitations imposed by the small domestic market and modest industrial base, the country is looking forward to take its market to a higher level.
Namibia is committed to expand its trade relationships within the region and with the rest of the world, said Schlettwein, adding that the regional market is likely to pose additional interests and benefits to foreign investors.
Due to the good Namibian investment climate, rule of law, political and macro-economic stability, good infrastructure, attractive incentives have already attracted a number of international investors, including the German investors.
The Trade Minister then encouraged Germans to invest in Namibia, and to work together as true partners for the mutual benefit and prosperity of the two countries and its people.
Namibia is open for business, he stated.
Namibia has much to offer such as peace and stability, a good quality of life, rich natural resources and a familiar business and cultural environment that has been shaped in part by the presence of a German-speaking community, he noted.