NIC facilitates new investments worth over N$400 million

29 Dec 2016 16:50pm
WINDHOEK, 29 DEC (NAMPA) – The Namibia Investment Centre (NIC) has facilitated new investments worth N.dollars 409 million during the 2015/2016 financial year.
The NIC is a directorate in the Ministry of Industrialisation, Trade and SME Development that was established in 1990 under the then Ministry of Trade and Industry to promote foreign direct investment and create an enabling environment in Namibia.
According to the ministry’s annual report for the 2015/2016 financial year made public in November, the NIC facilitated new investments in the area of services worth N.dollars 130 million from Angola; in tourism and hospitality worth N.dollars 250 million from Democratic Republic of Congo and Germany; and over N.dollars 5 million from the South African, German, United Kingdom and Angolan manufacturing sectors.
The report noted that over 260 jobs were created in the areas of manufacturing, tourism and hospitality, services, construction, wholesale/trading, farming and agriculture.
The NIC also provides aftercare services to existing investors by facilitating work permits and visa applications.
The report noted that about 22 new work permits and 27 permanent resident permits to new investors were generated during the year under review.
The directorate had received a National Budget allocation of about N.dollars 68.3 million during 2015/2016 financial year.