Renewables attract N$2.8 billion in investments

Chamwe Kaira

Namibian renewable energy projects have successfully attracted investments totalling N$2.8 billion, according to Minister of Industrialization and Trade, Lucia Ipumbu, who made the announcement during a meeting of the World Association of Investment Agencies in Abu Dhabi this week.

The minister disclosed that a significant 79 percent of the total investment interest pipeline for Namibia is in renewables, showcasing the growing appeal of sustainable energy ventures in the country.

“These investments have materialized into four operational projects, collectively generating 244 direct employment opportunities and 206 temporary employment opportunities for Namibians,” Ipumbu said.

She emphasized Namibia’s advantage as a nation blessed with abundant natural resources and a strategic location in the Southern African region. The country’s modern port facilities serve as a gateway to several neighbouring landlocked countries, enhancing its investment appeal.

Ipumbu noted that the government is actively revamping the Investment Promotion and Facilitation law to align with new economic and investment demands. This move aims to eliminate unnecessary bureaucratic hurdles that may discourage potential investors.

“We are also at an advanced stage of promulgating our Special Economic Zone law, further streamlining the investment process,” she added.

Highlighting the efforts to attract and facilitate investments, Ipumbu mentioned that Namibia’s autonomous Investment Promotion Agency, the NIPDB, has seen a pipeline of N$161 billion in investment pledges over the past two and a half years. If these investments materialize, the country expects to create numerous employment opportunities for its citizens.

In addition, the government launched the One Stop Center in 2022 to provide streamlined services, making the investment journey more convenient for potential investors.

Ipumbu addressed the issue of visa-related queries, mentioning that while the majority of inquiries are related to visa applications, business evaluations play a crucial role in ensuring that investors uphold their commitments.

The NIPDB has taken steps to address this, processing 478 visas related to investments in the country in the last year, with a turnaround time of just three days. The One Stop Center currently handles an average of 300 queries per month.

The minister also noted that the attraction of international brands like Heineken, Total Energies, Shell, Mercure Hotels, Bannerman Energies, Fortescue, and Galp to Namibia is a testament to the country’s attractive investment policies.

Furthermore, Namibia has introduced a Digital Nomad visa to boost its tourism sector and enhance its appeal to remote workers from around the world.

Renewables attract N$2.8 billion in investments

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