Namibia concludes trade deals with four countries

NAMIBIA has entered into agreements with France, Italy, Austria and Vietnam in efforts to boost trade, investment and economic co-operation.

Deputy Minister of Trade and Industry Bernhardt Esau presented four investment promotion agreements to Parliament last week for ratification in efforts to broaden Namibia’s manufacturing base. During this year, Esau said his Ministry planned to undertake investment promotion missions to identified countries in Europe.Among these will be Italy, which he said could assist Namibia in the leather, footwear and agricultural sector.He said these sectors could contribute greatly to the country’s socio-economic development due to their labour-intensive nature, availability of raw materials and potential for local value addition and industrial development.Esau said prospects were good that Namibia could enter a 25 million Euro investment deal with Italy in the fields of agro-industry, aquaculture and training during this year.If it materialises, the project could create over 560 direct and another 3 000 indirect jobs.”Namibia is richly endowed with the resources necessary for the development of these economic areas.What is missing is the investment capital and technological know-how, which Italy can possibly offer,” said Esau.He added that there was also room for boosting tourism ties between Namibian and Italy.On the other hand, Esau said that French investment in Namibia to date had been confined to the tourism sector and it was hoped to explore investment in the manufacturing sector such as automotive components and optical lenses, renewable energy and aquaculture development.Through its agreement with Vietnam, Namibia said Esau could tap into the manufacturing of television sets, bicycles, motorcycles and motor vehicle components.But it is with the Vietnamese aquaculture sector that Namibia particularly wants to strike a co-operation arrangement.During this year, Esau said his Ministry planned to undertake investment promotion missions to identified countries in Europe.Among these will be Italy, which he said could assist Namibia in the leather, footwear and agricultural sector.He said these sectors could contribute greatly to the country’s socio-economic development due to their labour-intensive nature, availability of raw materials and potential for local value addition and industrial development.Esau said prospects were good that Namibia could enter a 25 million Euro investment deal with Italy in the fields of agro-industry, aquaculture and training during this year.If it materialises, the project could create over 560 direct and another 3 000 indirect jobs.”Namibia is richly endowed with the resources necessary for the development of these economic areas.What is missing is the investment capital and technological know-how, which Italy can possibly offer,” said Esau.He added that there was also room for boosting tourism ties between Namibian and Italy.On the other hand, Esau said that French investment in Namibia to date had been confined to the tourism sector and it was hoped to explore investment in the manufacturing sector such as automotive components and optical lenses, renewable energy and aquaculture development.Through its agreement with Vietnam, Namibia said Esau could tap into the manufacturing of television sets, bicycles, motorcycles and motor vehicle components.But it is with the Vietnamese aquaculture sector that Namibia particularly wants to strike a co-operation arrangement.