12 Feb 2016 10:40am
WINDHOEK, 12 FEB (NAMPA) Namibia and the United Kingdom (UK) have reached a total bilateral trade of Euro 133 million (about N.dollars 2,3 billion), which is a clear indication of a healthy relationship enjoyed by both trade partners.
Minister of Industrialisation, Trade and SME Development, Immanuel Ngatjizeko commended trade between the two countries during the Invest Africa networking dinner held Thursday in honour of the organisations delegation.
Invest Africa is a global business platform for business leaders, investors and entrepreneurs to gain insight into Africa and to be exposed to the continents investment opportunities.
The minister noted that UK imports from Namibia have reached a total of euro 77 million (N.dollars 1,3 billion), while Namibia imports from UK stood at Euro 55 million (N.dollars 988 million) in 2013.
This, he said, is a clear indication that Namibia enjoys a sound and positive balance of trade in exporting mineral products, beef, table grapes, beer and charcoal, while importing machinery, vehicles and manufactured electronics.
He noted that some UK firms have seized the opportunity presented and are already actively involved in the Namibian economy, where they have invested in large commercial projects.
Ngatjizeko pointed out the Weatherly Mining Namibia that invested in copper mining at the Otjihase and Matchless Copper mines.
He further indicated that the recent investment of N.dollars 39.2 million for the construction of a mine near Tsumeb is expected to provide more job opportunities to Namibians and contribute to the countrys economic growth.
The UK has a long and reputable trading history with Namibia. The bilateral trade between the UK and Namibia continues to grow in leaps and bounds, despite the plummeting global commodity prices and sluggish exchange rate.
The minister invited more international companies to invest in Namibia in the areas of manufacturing, logistics, agro-processing and tourism.
He said Government regards these sectors as the key to unlock the countrys potential to attain accelerated sustainable growth, eliminate poverty, eradicate unemployment and reduce economic inequality.
I would like to therefore commend the Invest Africa organisation in their efforts to encourage greater collaborations and cooperation among our business people.
Meanwhile, former British Minister for Africa and Head of the delegation, Mark Simmonds said Namibia has feasible investment opportunities and the delegation will make use of these opportunities wisely for the benefit of all countries.
He said the delegation had an opportunity to meet President Hage Geingob on Thursday to inform him about the organisation and their visit to Namibia to look for investment opportunities.
Simmonds said the delegation has invited Geingob to visit the UK and meet with possible investors to Namibia in different areas.
Our visit to Namibia is a beginning of everlasting relationships and investment opportunities between our countries. I see investment coming to Namibia soon, he noted.
The nine-member delegation arrived in Namibia on Tuesday for a three-day mission focusing on exploring investment opportunities in Namibia in areas such as agriculture, tourism, logistics, infrastructure, social housing, energy, mining, consumer goods and healthcare.
The dinner was attended by members of Cabinet and local business community.