Staff Reporter
NAMIBIA is in the process of finalising legislation that will establish a new regime of Special Economic Zones to encourage manufacturing and processing in the country.
This was revealed by Dr. Netumbo Nandi-Ndaitwah, the Deputy Prime Minister and Minister of International Relations and Cooperation, who said that these reforms will come into effect in 2024. She made this announcement at the European Union (EU) – Namibia Business Forum 2023, which is taking place in Brussels, Belgium.
This comes after President Hage Geingob, who spoke at the same forum on Tuesday, announced that Namibia will no longer export critical raw materials in their basic raw form. Instead, the president emphasised that the focus will shift towards enhancing the sustainability of Namibia’s extractive industry by developing local processing, refining, recovery, and recycling capabilities.
Elaborating on this, Nandi-Ndaitwah explained that the new legislation aims to bolster this vision by actively encouraging manufacturing and processing activities within Namibia. Its overarching goal is to promote value addition to critical raw minerals and metals, steering away from the current trend of exporting them in their raw form.
“We cannot continue with the current trend of exporting critical minerals in basic raw form. Value addition to these critical minerals and metals are key to the growth of our economy, a key to the realization of the Green Economy and makes Namibia an important and a reliable player in meeting the climate commitments together with her partners, including the EU,” Nandi-Ndaitwah added.
Furthermore, the Deputy Prime Minister revealed that the government has been collaboratively working with the private sector and international partners to formulate an incentives regime that will encourage investment and domestic value addition. She also assured both current and potential investors that there will be complementary reforms to facilitate cost-effective production.
“It is imperative that we foster a conducive environment for businesses to invest, innovate, and develop local value chains. This involves mutually supportive regulatory frameworks, infrastructure development, access to financing, and training programs to cultivate a skilled workforce, a necessity for success in our partnership,” Nandi-Ndaitwah explained.
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