Trade ministry committed to finalising new investment bill – Iipumbu

Staff Reporter

THE Minister of Industrialisation and Trade, Lucia Iipumbu, assured that her ministry is diligently working towards the finalization of the country’s new investment bill, aimed at addressing investors’ uncertainty.

Iipumbu said this during the recent stakeholder consultation meeting aimed at discussing the new investment bill, known as the Namibia Investment Promotion and Facilitation Bill (NIPFB). She explained that the NIPFB aims to enhance a conducive business environment in the country. This, she stressed, is crucial to fully capitalise on new investment strategies related to renewable energy and to revitalise the economy within an updated investment legislative and policy framework.

“This will enable a viable institutional framework to support policy ambitions through the policy desk at the Ministry and the Namibia Investment Promotion and Development Board (NIPDB), whilst fostering the required investor-friendly infrastructures,” the minister added.

Currently undergoing final consultative engagements, the NIPFB is designed to address the deficiencies of the outdated Foreign Investment Act (FIA). Iipumbu highlighted that the FIA fails to accommodate newer investment dynamics such as innovation and sustainability. She stressed that the old legislation does not back feasible initiatives that promote investments driven by the Fourth Industrial Revolution, nor does it adequately enhance new policy developments regarding Special Economic Zones, which aim to attract investments to Namibia.

“The new investment policy regime will therefore enhance a conducive business environment in Namibia to fully leverage on new investment strategies pertaining to renewable energies, resuscitate the economy within an updated investment legislative and policy framework comprehensively. This will enable a viable institutional framework to support policy ambitions through the policy desk at the Ministry and Namibia Investment Promotion and Development Board (NIPDB) whilst fostering the required investor friendly infrastructures,” Iipumbu explained.

She further elaborated that the new bill is expected to adopt a modern and transparent legal framework accommodating new economic dynamics and development. She added that it will also promote inclusivity in terms of both domestic and international investment. Iipumbu, therefore, emphasised her ministry’s commitment to finalising this bill to bridge the policy gap concerning the investment environment, thereby mitigating investors’ uncertainty.

This sentiment was echoed by Yolanda Kalenga, the Chief Legal Officer at the Office of the Attorney General. Kalenga asserted that Namibia has experienced significantly low investments over the past four years due to investor uncertainty. This, she emphasised, is a situation that Namibia cannot afford any longer.

Kalenga further added that multiple studies and research have consistently highlighted the need to strengthen the FIA, which is primarily aimed at attracting foreign direct investment, leaving out domestic investment. She, therefore, stressed the need to prioritise the NIPFB, which is expected to create a favourable environment for attracting, retaining, and facilitating both domestic and foreign sustainable investment in the country.