Niël Terblanché
Namibia must leverage existing capital-intensive industries to set the basis for effective diversification towards industries that can employ more young people with higher capabilities and jumpstart the country’s economy.
The Vice President of Namibia, Dr Nangolo Mbumba during a presentation at the Invest in Namibia Forum in St Petersburg said business engagement provides an opportunity to find business partners and investors from Russia who will be interested to develop business partnerships with their Namibian counterparts in various areas of business and economy.
“Namibia is a country of great promise and infinite potential. With a population of less than three million, we are a country brimming with potential and opportunities. Namibia is a country with abundant untapped mineral resources,” he told potential investors who attended the forum on the sidelines of the Russia-Africa Summit.
With regard to the production of Green Hydrogen, he said it is Namibia’s ambition to become the sustainable renewable energy capital of Africa.
“We invite Russian entrepreneurs and investors to come to Namibia and become stakeholders in the development of our mineral resources and the production of Green Hydrogen,” he said.
According to Mbumba, Namibia’s unique geographical attributes place the country at a significant advantage above many other countries because it has 300 days of sunshine per year and the long coastline experience constant winds.
“With the signing of the Feasibility Implementation Agreement with Hyphen Hydrogen Energy, to produce green hydrogen, Namibia is effectively harnessing its natural resources to contribute not only to regional energy equity, sustainability and security but also to the de-carbonisation of our planet,” he said.
The Vice President told potential investors that Namibia offers trade and investment opportunities in multiple sectors beyond energy. From tourism, mining, agriculture and agro-processing, transport and logistics, amongst others.
“The key objective for Namibia is to leverage the existing capital-intensive industries to set the basis for effective diversification towards industries that can employ more of our young people with higher capabilities and jumpstart the Namibian economy,” he said
He said Namibia is experiencing a “new dawn” because the country has the potential to 10 million tonnes of green hydrogen annually by 2050. The country is also in the process of nurturing our emerging carbon markets.
“This green hydrogen potential, coupled with the recent discoveries of approximately 11 billion barrels of oil equivalent have propelled our aspirations to become the sustainable energy capital of Africa. We are here to invite you to be part of this groundbreaking journey,” he said.
Mbumba said that there are other sectors that are worthy of investments because the government ensures that political stability, market-responsive policies and legal frameworks, and a financial dispensation that allows for full control of profits, and business are in place.
“Namibia stands ready to welcome you as investors and economic development partners. We believe in shared values and are therefore committed to creating a conducive environment for mutual growth and prosperity. As vast as our sand dunes with their endless horizons, so is the investment potential in Namibia,” he said.
The Vice President formally invited attendees of the forum to make Namibia their next investment destination.
In our quest to ensure that Namibia remains an attractive investment destination, we are deliberate in eliminating constraints that impact the ease of doing business in the country, from advocating for policy reforms to establishing an Investor One Stop Centre – a physical, single point of access to information and our facilitation services for investors,” Mbumba said.
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