- September 7, 2016
Namibia is an independent and democratically governed Republic situated on the South-Western coast of Africa. It is a country of unspoilt exquisiteness, enormous solitude, endless horizons, and sharp mountain silhouettes. The country is usually dubbed as “The Gem of Africa” with bounteous natural and geological heritage; access to infrastructure has augmented several years of moderate economic growth and has made Namibia the most favourable investment destination. It is a land of natural treasures of the earth, presenting Southern Africa’s one of the most stable country.
Generally, it can be stated that Namibian economy rests on four pillars: Mining, Agriculture, Fishery and Tourism. H.E. Mr. Hifikepunye Pohamba, President of Republic of Namibia has taken significant steps to increase transparency and to attract investors to variegate the economy.
Africa’s most aesthetic, ornamental and abundant country, Namibia is all set to spread its wings and make its illustrative presence more felt worldwide. The cleanest country of Africa recently was the word of mouth when ranked the third position for its mining sector. Mining and natural resources are the backbone of the Namibian economy.
Mining and quarrying elucidates 13.2% of GDP providing more than 50% of foreign exchange earnings. The major products of Namibian industrial sector are zinc, lead, tin, silver, tungsten, gold, marble, copper, granite, diamonds as well as semi-precious stones. Majority of Namibian workers are engaged in agricultural activities, accounting for approximately 10% of the GDP, producing ostrich meat, livestock, beef and mutton production contributing around 70-80% of gross agricultural income.
BOUNTIFUL OPPORTUNITIES ON HAND
Namibia remains a country with noteworthy spirited reward as an investment location with a range of economic sectors perched for improved performance and contribution to the GDP through effective investment.
The thriving Namibian economy has a fresh market sector, which brings about most of the country’s affluence, and a conventional subsistence sector. Even though the preponderance of the population engrosses in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers, as well as a small, well-trained professional and managerial class.
Namibian Government is calling Indian business persons to invest in the country, and explore joint venture partnerships in mining, agriculture, infrastructure development and manufacturing along with other fields.
Namibia is truly a country of opportunities providing many more sources in diverse areas including cutting and polishing of precious, semi-precious stones, marble and granite; leather and glass products; down-stream processing of gas; cement, steel, textiles and garments manufacturing, and many more.
The Namibian Government has adhered liberal Foreign Investment Act of 1993 bestowing freedom from nationalization, freedom remit capital and profits, currency convertibility and a process for settling disputes equitably.
Key benefits under Foreign Investment Act include:
Equal treatment of local and foreign investors;
Repatriation of profits;
Full protection of investment;
Granting of Certificate of Status Investment (CSI).
Sectoral Profile Overview
The agriculture sector is a significant part of the Namibia’s economy backing around 6% to the GDP. Around 70% of the country’s population is reliant on this sector. There are two forms of agriculture in Namibia – subsistence and commercial. The climate and countryside have potential for extensive stock farming. Latent for investment in this sector exists in the value adding processes of livestock, ostrich farming, crop production and food processing. Prospects also exist in the field of horticulture in olive oil, jojoba and flowers production.
Namibia has a coastline of 1,500 km and is renowned as one of the richest fishing grounds. The projected national fish reserves are the biggest in Southern Africa and around 90% of the national output is marketed for exports. The chief species found in Namibia are sardines, anchovy, hake, horse mackerel, sole, squid, deep-sea crab, rock lobster and tuna. Opportunities subsist in this sector mainly in the areas of value – addition, marine – culture and ancillary and support functions.
The manufacturing sector of Namibia is moderately small and contributes around 16% to the country’s GDP. The main industries are food processing units, textile and garments manufacturers, cement and ceramic manufacturer. Namibia imports almost all consumer goods and its exports are majorly unprocessed raw material. Thus there is a large room for import substitution manufacturing as well as value addition to goods.
The tourism sector is one of the fastest rising sectors in Namibia. The country’s wildlife legacy is one of its richest assets. The international arrivals and domestic tourist have grown steadily. The government is trying to make this sector into one of the principal providers to the GDP in the next ten years.
- Most Read
- Most Viewed