Category: Business & Finance

The Minister of Industrialisation and Trade, Lucia Iipumbu, has emphasised the importance of ensuring that the Special Economic Zones (SEZ) Bill is fit for purpose and guarantees that an avenue for value addition is created to generate jobs.

According to the minister, the establishment of SEZ can significantly boost industrialisation, enhance export capabilities, and stimulate economic growth, especially as Namibia readies itself to participate fully in the Africa Continental Free Trade Area (AfCFTA).

Adopted in August 2022, the SEZ Policy includes a provision for both fiscal and non-fiscal investment incentives for various investment categories such as exporters and manufacturers.

Iipumbu, who was speaking at stakeholder consultations on the drafting of the SEZ policy, national informal economy, startups and entrepreneurship development policy in Walvis Bay on Monday, noted that these legislations are key in shaping the economic dimension of Namibia which can ultimately result in significant growth and de
velopment of the country.

‘Firstly, SEZs have over the years proven to be a catalyst for economic transformation around the globe, which is done through creating specific areas with favourable business conditions and incentives advanced by government, in order to boost and attract both domestic and foreign investments, foster innovation, and generate employment opportunities,’ the minister said.

It is for this reason that the ministry embarked on a journey to tailor the SEZ concept to Namibia’s unique needs and aspirations in order to eventually have it as a law to replace the Economic Processing Zone (EPZ) regime, which has thus far brought about various challenges.

Erongo hosts 3 981 business establishments, of which 3 286 were characterised as micro establishments, 453 as small establishments and 195 as medium establishments respectively.

Governor Neville Andre Itope said that only 47 establishments in the region constitute large establishments.

‘Therefore, it becomes important that our engagements ar
e focused on advancing these businesses, to help them grow by creating a conducive and enabling legislation, operational environment that will eventually stimulate optimal growth and investment of these and future prospective ones,’ he added.

Source: The Namibia Press Agency

Shepherdstree managing partner Ekkehard Friedrick highlighted Namibia’s oil discovery success rate on Tuesday, saying the country has an 86 per cent success rate in terms of exploration compared to the global average of 30 per cent.

Friedrick made the remarks during a presentation held as part of the Namibia Local Content Conference in Lderitz on Tuesday, saying Namibia’s oil discoveries offshore are progressing at a rapid rate.

‘We are moving at an unprecedented rate. That can be good but can also be bad because we might be taking shortcuts that we are not aware of in terms of environmental laws and so on, but if we do this correct, we have the opportunities to create wealth because we have a low population,’ he said during his presentation on the topic ‘The Namibian Oil and Gas story – globally significant finds vs. local opportunity.’

He added that Namibia in 2023 was part of the four top countries in the world in terms of oil discovery.

John Ferraz, an executive for projects at the Edward Nathan Sonne
nbergs law firm said more opportunities for entrepreneurs lie in supporting the oil and gas industry and urged them to form joint ventures.

‘When you consider the range of services needed to support those teams at sea and when the vessels come in is massive. Even supplying water to those who are on sea working is a business opportunity on its own, I know there are a lot of local content policies that drive manufacturing, but I will say to Namibians concentrate on joint ventures, concentrate on low capital requirements for entry into these opportunities,’ he stressed.

Ferraz added that it is important that Namibia sends a message to investors that local content provides an enabling and supporting environment and is not a barrier.

‘The oil and gas industry is an opportunity for celebration and not for tribulation. You are not starting an industry, you are joining an existing industry. It might be seen that in the oil and gas industry, local content is an issue and it is not. Investors want two things – certa
inty and to keep their costs down. Their rules are clear as long the rules do not present a barrier,’ he said.

The three-day conference is aimed at providing a platform for dialogue, collaboration and the exchange of ideas that will shape the future of the oil and gas industry.

The conference is being held under the theme ‘Empowering Namibia’s energy ambitions by connecting industries and indigenous talent’ and about 300 people from Namibia, Angola, Nigeria, Dubai, South Africa and England are taking part in the conference hosted by the Namibia Chamber of Commerce and Industry and Antila Consultancy.

Source: The Namibia Press Agency

The Namibian Standards Institution on Tuesday, during their stakeholder awareness campaign, engaged representatives of the Omaheke Region on the newly enacted Metrology Act, Act 5 of 2022.

The meeting at Gobabis attracted stakeholders from government institutions and business people including farmers from the region, with the aim of creating awareness of the new Act before its implementation.

Omaheke Regional Governor Pijoo Nganate, who was the keynote speaker, highlighted the importance of the new Act to Omaheke as a region and how it will transform the regional economy to the benefit of its people, especially farmers.

‘Metrology encompasses the principles in our daily lives, from the weight of the cattle we raise to the distance our goods travel across borders. Metrology ensures that these measurements are accurate, reliable and standardised,’ he noted.

Nganate furthermore indicated that because the region is known for its cattle farming, precision in measurement is crucial.

‘Accurate measurements of l
ivestock health, feed quantities and milk production are crucial for maximising productivity and ensuring animal welfare. The new Metrology Act will provide farmers with the tools and standards necessary to make informed decisions and optimise their farming practices, leading to increased efficiency and profitability,’ Nganate said.

The governor urged all stakeholders to familiarise themselves with the new Act and embrace the opportunities it will present in the region and the country at large.

‘This legislation is more than just numbers and standards, it is about ensuring a bright and prosperous future for our livestock farming and industrial community,’ he said.

Simasiku Matali, the head of metrology at the Namibian Standards Institution indicated that the new Act is aimed at informing and capacitating the nation on changes to the metrology legal framework. On administration and enforcement related matters, he also shared that they are engaging all stakeholders in the 14 regions of Namibia.

‘The Act cam
e at a time when Namibia is experiencing a growing need for accelerated metrology services and regulatory framework as a result of domestic and international market access,’ he said.

Source: The Namibia Press Agency

The Minister of Industrialisation and Trade, Lucia Iipumbu, has emphasised the importance of ensuring that the Special Economic Zones (SEZ) Bill is fit for purpose and guarantees that an avenue for value addition is created to generate jobs.

According to the minister, the establishment of SEZ can significantly boost industrialisation, enhance export capabilities, and stimulate economic growth, especially as Namibia readies itself to participate fully in the Africa Continental Free Trade Area (AfCFTA).

Adopted in August 2022, the SEZ Policy includes a provision for both fiscal and non-fiscal investment incentives for various investment categories such as exporters and manufacturers.

Iipumbu, who was speaking at stakeholder consultations on the drafting of the SEZ policy, national informal economy, startups and entrepreneurship development policy in Walvis Bay on Monday, noted that these legislations are key in shaping the economic dimension of Namibia which can ultimately result in significant growth and de
velopment of the country.

‘Firstly, SEZs have over the years proven to be a catalyst for economic transformation around the globe, which is done through creating specific areas with favourable business conditions and incentives advanced by government, in order to boost and attract both domestic and foreign investments, foster innovation, and generate employment opportunities,’ the minister said.

It is for this reason that the ministry embarked on a journey to tailor the SEZ concept to Namibia’s unique needs and aspirations in order to eventually have it as a law to replace the Economic Processing Zone (EPZ) regime, which has thus far brought about various challenges.

Erongo hosts 3 981 business establishments, of which 3 286 were characterised as micro establishments, 453 as small establishments and 195 as medium establishments respectively.

Governor Neville Andre Itope said that only 47 establishments in the region constitute large establishments.

‘Therefore, it becomes important that our engagements ar
e focused on advancing these businesses, to help them grow by creating a conducive and enabling legislation, operational environment that will eventually stimulate optimal growth and investment of these and future prospective ones,’ he added.

Source: The Namibia Press Agency

Shepherdstree managing partner Ekkehard Friedrick highlighted Namibia’s oil discovery success rate on Tuesday, saying the country has an 86 per cent success rate in terms of exploration compared to the global average of 30 per cent.

Friedrick made the remarks during a presentation held as part of the Namibia Local Content Conference in Lderitz on Tuesday, saying Namibia’s oil discoveries offshore are progressing at a rapid rate.

‘We are moving at an unprecedented rate. That can be good but can also be bad because we might be taking shortcuts that we are not aware of in terms of environmental laws and so on, but if we do this correct, we have the opportunities to create wealth because we have a low population,’ he said during his presentation on the topic ‘The Namibian Oil and Gas story – globally significant finds vs. local opportunity.’

He added that Namibia in 2023 was part of the four top countries in the world in terms of oil discovery.

John Ferraz, an executive for projects at the Edward Nathan Sonne
nbergs law firm said more opportunities for entrepreneurs lie in supporting the oil and gas industry and urged them to form joint ventures.

‘When you consider the range of services needed to support those teams at sea and when the vessels come in is massive. Even supplying water to those who are on sea working is a business opportunity on its own, I know there are a lot of local content policies that drive manufacturing, but I will say to Namibians concentrate on joint ventures, concentrate on low capital requirements for entry into these opportunities,’ he stressed.

Ferraz added that it is important that Namibia sends a message to investors that local content provides an enabling and supporting environment and is not a barrier.

‘The oil and gas industry is an opportunity for celebration and not for tribulation. You are not starting an industry, you are joining an existing industry. It might be seen that in the oil and gas industry, local content is an issue and it is not. Investors want two things – certa
inty and to keep their costs down. Their rules are clear as long the rules do not present a barrier,’ he said.

The three-day conference is aimed at providing a platform for dialogue, collaboration and the exchange of ideas that will shape the future of the oil and gas industry.

The conference is being held under the theme ‘Empowering Namibia’s energy ambitions by connecting industries and indigenous talent’ and about 300 people from Namibia, Angola, Nigeria, Dubai, South Africa and England are taking part in the conference hosted by the Namibia Chamber of Commerce and Industry and Antila Consultancy.

Source: The Namibia Press Agency

The Namibian Standards Institution on Tuesday, during their stakeholder awareness campaign, engaged representatives of the Omaheke Region on the newly enacted Metrology Act, Act 5 of 2022.

The meeting at Gobabis attracted stakeholders from government institutions and business people including farmers from the region, with the aim of creating awareness of the new Act before its implementation.

Omaheke Regional Governor Pijoo Nganate, who was the keynote speaker, highlighted the importance of the new Act to Omaheke as a region and how it will transform the regional economy to the benefit of its people, especially farmers.

‘Metrology encompasses the principles in our daily lives, from the weight of the cattle we raise to the distance our goods travel across borders. Metrology ensures that these measurements are accurate, reliable and standardised,’ he noted.

Nganate furthermore indicated that because the region is known for its cattle farming, precision in measurement is crucial.

‘Accurate measurements of l
ivestock health, feed quantities and milk production are crucial for maximising productivity and ensuring animal welfare. The new Metrology Act will provide farmers with the tools and standards necessary to make informed decisions and optimise their farming practices, leading to increased efficiency and profitability,’ Nganate said.

The governor urged all stakeholders to familiarise themselves with the new Act and embrace the opportunities it will present in the region and the country at large.

‘This legislation is more than just numbers and standards, it is about ensuring a bright and prosperous future for our livestock farming and industrial community,’ he said.

Simasiku Matali, the head of metrology at the Namibian Standards Institution indicated that the new Act is aimed at informing and capacitating the nation on changes to the metrology legal framework. On administration and enforcement related matters, he also shared that they are engaging all stakeholders in the 14 regions of Namibia.

‘The Act cam
e at a time when Namibia is experiencing a growing need for accelerated metrology services and regulatory framework as a result of domestic and international market access,’ he said.

Source: The Namibia Press Agency

The Minister of Industrialisation and Trade, Lucia Iipumbu, has emphasised the importance of ensuring that the Special Economic Zones (SEZ) Bill is fit for purpose and guarantees that an avenue for value addition is created to generate jobs.

According to the minister, the establishment of SEZ can significantly boost industrialisation, enhance export capabilities, and stimulate economic growth, especially as Namibia readies itself to participate fully in the Africa Continental Free Trade Area (AfCFTA).

Adopted in August 2022, the SEZ Policy includes a provision for both fiscal and non-fiscal investment incentives for various investment categories such as exporters and manufacturers.

Iipumbu, who was speaking at stakeholder consultations on the drafting of the SEZ policy, national informal economy, startups and entrepreneurship development policy in Walvis Bay on Monday, noted that these legislations are key in shaping the economic dimension of Namibia which can ultimately result in significant growth and de
velopment of the country.

‘Firstly, SEZs have over the years proven to be a catalyst for economic transformation around the globe, which is done through creating specific areas with favourable business conditions and incentives advanced by government, in order to boost and attract both domestic and foreign investments, foster innovation, and generate employment opportunities,’ the minister said.

It is for this reason that the ministry embarked on a journey to tailor the SEZ concept to Namibia’s unique needs and aspirations in order to eventually have it as a law to replace the Economic Processing Zone (EPZ) regime, which has thus far brought about various challenges.

Erongo hosts 3 981 business establishments, of which 3 286 were characterised as micro establishments, 453 as small establishments and 195 as medium establishments respectively.

Governor Neville Andre Itope said that only 47 establishments in the region constitute large establishments.

‘Therefore, it becomes important that our engagements ar
e focused on advancing these businesses, to help them grow by creating a conducive and enabling legislation, operational environment that will eventually stimulate optimal growth and investment of these and future prospective ones,’ he added.

Source: The Namibia Press Agency