Zorena Jantze
LESS than two years after its establishment, the Namibia Investment Promotion and Development Board (NIPDB) has facilitated the operationalization of about N$4.83 billion worth of investments in the country.
Speaking at a media briefing, Chief Executive Officer of the NIPDB Nangula Uaandja said these investments have already acquired business licenses and created 1 300 jobs in the Namibian economy.
Through its multiple marketing activities, the board has attracted over 200 investment leads totalling up to N$95 billion. If realized, these investments are expected to create 122 000 jobs directly and indirectly.
Uaandja said the Green Hydrogen Hyphen project is not included in these statistics, as its own investment figures double the above-mentioned projects.
The CEO said currently Namibia is labelled as an upper-middle-income country but wealth is not equally distributed.
“How do we come up with policies to maximize the GDP and solve the high unemployment levels in the country? It is estimated that 80% of the labour force only has grade 12 or lower qualifications. At the same time, our economy at this stage is struggling with jobs for graduates. Our job is to get fellow Namibians out of the street and into the employment basket,” Uaandja said.
Touching on challenges faced in the market, the CEO said most investments fail as there is no central point of coordination to assist in investment leads, and as such, investors take their pledges elsewhere, adding that this is what necessitates the existence of the NIPDB.
The NIPBD said the Micro, Small and Medium Enterprises (MSME) sector could also be a catalyst for growth in the Namibian economy but the slow uptake of credit by these institutions is concerning. The board noted that the government deployed a N$500 million facility for businesses last year, however, only about N$20 million of these loans have been taken up by businesses.
The NIPBD said it has been devising plans on how these MSMEs can be allocated finances without collateral.
