4 minute read
Infrastructure Development, Economic Diversification and Fostering a Conducive Investment Climate
Namibia geared to host the Africa Hospitality Investment Forum
As the Africa Hospitality Investment Forum (AHIF) gears up to grace the vibrant city of Windhoek this month, the spotlight once again falls on Namibia’s burgeoning potential as an investment destination. Nangula Uaandja, the chairperson and chief executive director for the Namibia Investment Promotion and Development Board (NIPDB) spoke to us to explain the allure of Namibia for investors and the pathways towards fully realising its investment potential.
“Namibia is one of the most lucrative investment destinations in Africa, offering investors unique opportunities, particularly as the government has made a deliberate commitment to diversify the country’s economy beyond traditional sectors such as mining and agriculture. The growth of industries such as tourism, manufacturing, renewable energy and global business services has created new investment opportunities with untapped potential for growth and longterm profitability.”
When talking about the attractiveness of investment in Namibia, Uaandja notes, “Namibia offers an investorcentric business environment that is well structured with predictable policies and regulations. Add to that an abundance of natural resources, a young and trainable workforce and a strategic location with direct access to the African market of over 300 million people through our world-class ports.” She adds, “Namibia also has a wellmaintained infrastructure, including the best roads in Africa, developed communication and internet infrastructure, as well as strong legal and regulatory systems.”
The NIPDB serves as the first point of call for potential investors wanting to do business in Namibia and is committed to making Namibia the investment destination of choice by improving the ease of doing business here, starting with eliminating red tape and driving policy reforms. Uaandja explains, “From an investment attraction perspective, the government remains committed to collaborating with relevant public and private sector stakeholders to ensure Namibia sustains a conducive investment environment, underpinned by progressive policy frameworks and predictable structures and processes.”
Exciting to note is that investor confidence in Namibia is at an all-time high according to the NIPDB. This is evidenced by various rankings such as fDi Intelligence’s annual FDI Standouts Watchlist which ranked Namibia as fifth in the world in foreign direct investment (FDI) momentum.
Additionally, in 2022, Namibia secured the top position in Africa and 13th globally in the Greenfield FDI Performance Index, which assesses the FDI that countries have attracted in proportion to the size of their economy.
When talking about the future and whether we have fully unlocked the investment potential here, Uaandja says, “Namibia’s investment potential is as dynamic and vast as her landscapes, and we have only just scraped the surface. With opportunities spanning across various sectors such as tourism, agriculture, mining and renewable energy, among others, Namibia’s investment potential is yet to be fully unlocked, and therein lies the opportunity for investors seeking to do business in a politically stable and progressive environment.”
Speaking about how to achieve this, Uaandja – a seasoned businesswoman and chartered accountant by trade –shares that there are various ways that the investment potential of Namibia can be further unlocked. This includes increased infrastructure investment. “More investment into infrastructure projects such as roads, ports, railways and energy infrastructure will enable Namibia to leverage on trade and economic regional blocks such as SADC, SACU, AfCFTA and others. This will increase market access, facilitate trade and attract investment through regional cooperation initiatives.”
As Namibia’s Investment Promotion Agency, the NIPDB exists to unlock opportunities that enable a better quality of life for all Namibians, and attracting investments by foreign and local investors is the strongest lever the country can pull to realise this goal. In this regard, the NIPDB activities are aligned with the government’s economic developmental agenda, which includes diversification of the economy. “By diversifying our economy, we will reduce vulnerability to commodity price fluctuations and create new opportunities for investment.”
With a strategic focus on infrastructure development, economic diversification and fostering a conducive investment climate, Namibia is poised to emerge as a shining beacon of opportunity in Africa’s investment landscape.
If you would like to hear more about the potential for investment that Namibia holds in hospitality, and the areas that will help unlock these opportunities, be sure to join the Africa Hospitality Investment Forum.
