CHAIRPERSON of Namibia Chamber of Commerce and Industry (NCCI) Northern branch Thomas Iindji, said that they are hopeful with the revising of the Namibia Investment Promotion Act (NIPA) will benefit local investors that felt neglected.
According to Iindji, the revising of the Act is a key piece of legislation that will protect all and provide them with a spring board to access their own market in an advantageous way.
“The absence of key reforms that this Act partially provides has seen local businesses fade away from the business landscape and the foreign businesses are taking center stage,” said Iindji.
He expressed that it is an undeniable fact that in economic trying times the foreign investors tend to leave unceremoniously in search for greener pastures elsewhere and it is the local businesses that are left to steer the economy and providing the jobs.
Iindji noted that as such, there is need to give space for local businesses to flourish and protect them from adequately capitalized foreign investors.
“The protection of the Namibian infant industries also needs to be emphasized as is the practice all over the world,”
Iindji expressed dismay, that many businesses have been turned into landlords and have closed their mainline businesses because of uncalled for competition.
He called on the government to start enacting favorable reforms that will see more local people access credible and sustainable business opportunities. This is towards realizing a Namibia on a growth path primarily driven by patriotic Namibians.
Minister of Industrialization, Trade and SME Development, Tjekero Tweya, has assured the public that the Act will be amended as soon as the Cabinet Committee on Legislation (CCL) send the document back to cabinet
Tweya stated that the Act was finalized, however, they couldn’t be release as private sector felt that they were not considered.
“It’s no point for us to continue a law that is not serving the purpose, as a result we went back to the ground through NCCI for input,” said Tweya, adding that they have concluded the consultation process.