Namibia has been ranked as the 5th country with the strongest investment momentum for 2024 in the world, as revealed by a new study conducted by FDI Intelligence.
The study examines economic and foreign investment trends in the top 50 destinations globally, utilizing data from the IMF and fDi Markets. It sheds light on countries demonstrating robust economic and investment momentum as they navigate an uneven post-Covid recovery worldwide.
The report attributes Namibia’s favorable ranking to N$180 billion Hyphen Hydrogen Energy green hydrogen project set to be developed in the Tsau Khaeb national park.
“The country has generated significant momentum around its green hydrogen push, garnering support from the EU, other European institutions, and countries, all pledging financial assistance for the nation’s energy transformation,” states the report.
Namibia’s Foreign Direct Investment (FDI) saw a notable surge to N$7.6 billion (US$400 million) in the second quarter of 2023 from N$6.2 billion (US$330 million) in the first quarter, marking a remarkable milestone in capital inflows.
The total investments during the first two quarters of 2023 reached N$19 billion, attributed mainly to oil and gas investments and the acquisition of Namibia Breweries by Heineken.
The figure accounted for 16.83% of the country’s gross domestic product (GDP), surpassing any annual inflow on record, according to Catalyst Investment Managers.
In this year’s Watchlist, Asia displayed strong performance, with six countries ranking in the top 10.
Cambodia leads the overall list, followed by the Philippines in second, Iraq in fourth, Kazakhstan in sixth, Azerbaijan in seventh, and India in tenth. Africa is represented by three countries in the top 10, with Kenya in third, Namibia in fifth, and Morocco in eighth.
Serbia is the only non-Asian and non-African country in the top 10, securing the ninth position.
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