31 Jul 2019 14:50pm
WINDHOEK, 31 JUL (NAMPA) President Hage Geingob on Wednesday announced a cocktail of investor-friendly measures aimed at stimulating the local economy.
Speaking at the two-day Namibia Economic Growth Summit here on Monday, Geingob announced the scrapping of the 25 per cent New Equitable Economic Empowerment Framework (NEEEF) equity measure, as well as visa regulations aimed at enabling the ease of doing business.
The compulsory 25 per cent equity stake has been removed; however, all pillars will remain and be taken into account for enterprises doing business with government and applying for natural resources licensing, Geingob said.
He added that the finalisation of the New Equitable Economic Empowerment Bill (NEEEB) is one of governments key priorities. The Bill will be tabled in Parliament within six months.
In addition, Geingob highlighted that government had sought to revise the Namibia Investment Promotion Act, with a view toward mobilising and attracting domestic and foreign investment for economic development.
Subsequent to promulgation, the Act was put on hold to accommodate broader inputs by the private sector. Substantive amendments were effected to address concerns raised, such as that the Act was cumbersome and too bureaucratic and defeating its intended purpose instruments to promote investments, he added.
In view of the public procurement regime, the president stated that government had agreed with the proposal to have the Public Procurement Act reviewed and amended where necessary, with the process set to begin during the current financial year.
As part of enhancing ease of doing business, government has further undertaken several reforms to position the visa process competitively, which includes the exemption of diplomatic and official passport holders from 53 African countries from visa requirements.
Other measures include the introduction of the e-visa or visa at entry point at a nominal fee, provision of easy access for work visa for highly skilled professionals and sought-after skills, provision of easy access for residence visa for expatriate retirees, offering residence visas on the back of capital investments and multiple-entry visas for business persons for at least a five-year period at a time.
The summit, held under the theme Economic Revival for Inclusive Growth, Strengthening the Namibian House, aims to deliver US.dollars 1 billion (N.dollars 14.8 billion) to the local economy over the next 24 months, as part of growing the local economy.
It has attracted both local and international investors.