PRESIDENT Hage Geingob has assured investors that they can invest in Namibia without any concern whether or not their investment including capital, machinery and know-how would be safe and that they would be allowed to repatriate profits to their home country.
The president said this when he addressed the Namibia Investment Summit in Dubai in the United Arab Emirates at the side lines of the Expo 2020 Dubai.
‘’On these questions let me reassure you that not only is Namibia a rule-based democracy with membership to international investment protection conventions and instruments such as the international Investment protecting conventions and instruments such as the International Centre for Settlement of Investment Disputes, the Multilateral Investment Guarantee Agency and others,’’ Geingob told the gathering.
He further said that Namibia has an independent judiciary which robustly enforces constitutionally guaranteed property rights for all domestic and foreign investors. ‘’Moreover, repatriation of profits, returns, loans and even the entire investment is legal in Namibia. Thus, there is no need for concern in that respect,’’ the president emphasised.
The Namibia Invest Summit was also attended by investors of multinational companies operating in Namibia which were to share their experience in Namibia with those who attended the event.
The summit attracted diverse sectors and investment interests from all over the world as well as from Dubai and the Middle East.
He reminded the audience that Namibia had its Independence two days ago which celebrated 32 years of inclusivity, peace, stability, unity and freedom. “And today, we are here to invite you as serious partners to undertake this journey of development together with us.’’
Truce freedom and peace, he continued, are prerequisites for stability.
But, once these have been achieved, people yearn for economic progress and the opportunity to realise their ambitions, he reminded his audience.
‘’That is why we are here in Dubai to partner up with renowned investors and business people in order to take Namibia to the next level of development,’’ said Geingob.
Referring to Expo 2020 Dubai, on which the Namibia Invest Summit was piggybacking, he said was connecting different countries and people from different economic sectors since it commenced last year. In the process it connected different pathways for a shared comment future, said the president.
The Expo, also contributed to the betterment of global relations between countries, Geingob said, adding that it enabled countries such as Namibia to showcase their investment, trade, industry and tourism opportunities.
He informed the summit that Namibia as part of its national drive to alleviate poverty and inequality by creating conducive conditions for inclusive economic growth and shared prosperity.
‘’To this end, we have launched what we call the Harambee Prosperity Plan I and II, each spanning across five years. These are intervening instruments to accelerate our development vision of becoming an industrialised and prosperous Namibia. And this is why we are gathered here today, to seek your partnership and participation in our HPPII, by offering investment opportunities in areas such as green hydrogen and ammonia, oil and gas, infrastructure development, tourism, value addition across all sectors, food production and exports,’’ Geingob went into detail.
Namibia will have National Day celebration at the Expo tomorrow to which President Geingob invited everyone to join him at the Namibia Pavillion.
In conclusion he thanked the representatives of multinational investors based in Namibia and who attended the summit for their loyalty and commitment as investors, who understand their significant role and contribution to Namibia’s development.