09 Sep 2013 03:20
XIAMEN, CHINA, 09 SEP (NAMPA) Namibia wants to see trade levels with China becoming more balanced, Deputy Prime Minister (PM) Marco Hausiku said in Xiamen, China on Sunday.
Namibias imports from China have grown tremendously, but the country is seeking opportunities to access the Chinese market with Namibian goods in order to create more balanced trade relations.
Trade figures indicate that Namibia's imports from China in 2012 grew by nearly 63 per cent, in comparison to 2011, thus making China the third-largest source of imports for Namibia in that year.
Speaking during the official opening of the 17th China International Fair for Investment and Trade (CIFIT), which kicked off in Xiamen on Sunday, Hausiku said while bilateral trade between China and Namibia had grown, the trade balance is highly skewed in Chinas favour.
Namibia would like to see a gradual move towards a more balanced trade level. We are seeking opportunities to access the Chinese market with Namibian goods.
China is one of the largest single markets in the world, and presents lucrative opportunities for Namibian goods as we strive to diversify our trade links and export destinations, the Deputy PM indicated.
Examples of goods which could be exported to China include beef, fish and shellfish, minerals and dimension stones.
While Namibia recognises the growth in trade of goods and investments with China, there is also a need to accelerate growth in services such as tourism.
We greatly appreciate that China has recognised Namibia as a preferred tourist destination, Hausiku said, adding that this important first step in cooperating in the tourist sector needs to be followed-up.
Trade relations between China and Namibia were worth a mere US.dollars 120 000 (about N.dollars 1,2 million) in 1992, but heavy investments in infrastructure and a booming mining industry has increased Chinese investments in Namibia.
That countrys investments in Namibia grew by US.dollars 179 million (nearly N.dollars 1,8 billion) between 2011 and 2012, attributed to, amongst others, the improving cooperation between the two countries.
Two years back, the government of China negotiated a N.dollars 3- billion joint venture investment in the Husab Mine with Namibia's State-owned Epangelo mining company, which to date is arguably one of the largest investments in any sector by a foreign company, said Hausiku.
This year's China International Fair for Investment and Trade takes place under the theme 'Introducing Foreign Direct Investment and Going Global', and is aimed at facilitating bilateral investment and the promotion of inter-nation investment.
Hausiku is leading a high-level delegation to this fair.