Economic Growth Summit Review

The current economic headwinds facing Namibia have compelled the Government to introduce several policy reforms to create a more conducive business environment and reduce bureaucratic restrictions. During the economic summit held in Windhoek from 31 July to 1 August, the President’s key-note address provided highly anticipated information especially with regards to government’s position on the NEEEB 25% equity requirement and ease of access for doing business in our country (amongst others).

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Economic Growth Summit Review

Some 880 local and international delegates attended the two-day summit, which was held under the theme “economic revival or inclusive growth – strengthening the Namibian house”. Speaking at the closing briefing of the Summit, chairperson of the President’s High-Level Panel on the Economy, Mr. Johannes !Gawaxab, revealed that the Summit was 100 percent funded by the private sector, which raised just over N$4 million for the event. He stated that N$3.5 million was budgeted for the event with final event figures remaining well within the budget. According to !Gawaxab, he is confident Namibia has what it takes to rise from the current economic slump. He further confirmed that the remainder of the funds collected will be used to pay for the roadshow which will take place in the United States, Germany and Singapore and is scheduled for September.

 At the end of the summit, appraisals from various economic analysts confirmed their predictions that some of the key policy interventions announced by President Hage Geingob will surely boost business confidence and attract more investors to Namibia. These key policy decisions include:

  • the removal of the compulsory 25 percent stake in the National Equitable Economic Empowerment Bill (NEEEB);
  • a clear definition of Previously Disadvantaged Persons in NEEEB;
  • the equity threshold in NEEEB to be determined by sector charters;
  • the NEEEB to be tabled in Parliament within six months;
  • the Namibia Investment Promotion Act (NIPA) to be operational by the end of the current financial year;
  • the Public Procurement Act review and amendment process to commence during this financial year;
  • and the exception of Visa requirements for diplomatic and official passport holders from 53 African countries.

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