The Southern Common Market, known as the Mercosur partnership, offers an opportunity for Namibia to access the vast markets of South America, particularly Brazil.
With its dynamic economy, rich cultural heritage and growing middle class, Brazil offers a plethora of opportunities for Namibian businesses to explore and expand their footprint.
This was said by industrialisation and trade minister Lucia Iipumbu when she met a visiting 10-member delegation from Brazil in Windhoek on Monday.
The initiative aims to strengthen the bond of cooperation and explore mutual beneficial opportunities between Namibia and Brazil.
The Southern Common Market is a South American trade bloc comprising Argentina, Brazil, Paraguay and Uruguay, with the purpose of promoting free trade and the fluid movement of goods, people and currency.
“Moreover, through Mercosur, Namibia remains a gateway for Brazilian businesses to access the Southern African Development Community (SADC) market and the vast African market through the Africa Continental Free Trade Area (AfCFTA). The SADC region especially, with its fast-growing consumer base and burgeoning infrastructure development, offers immense potential for Brazilian investors seeking new avenues for growth,” said Iipumbu.
According to ministry spokesperson Elijah Mukubonda, as part of enhancing bilateral trade, trade-related and investment matters, the delegation from Brazil engaged Iipumbu to explore investment and trade opportunities in Namibia.
“The strategic visit (bilateral engagement) is expected to yield tangible results for mutual benefit on trade relations and meaningful partnerships to drive economic prosperity, as well as necessary decisions for implementation for both nations,” said Mukubonda.
Iipumbu said Namibia has a stable political environment, robust legal framework and is strategically located to offer a conducive environment for investment.
“With an abundance and variety of natural resources in key sectors such as minerals, agriculture, fisheries and renewable energy sources, and our prospective emerging oil and gas sub-sectors, Namibia is positioned to harness value addition to its natural resources to derive mutual maximum benefits,” said Iipumbu.
She added that the ministry is committed to ensuring that the country’s policy and legislative framework is favourable for both local and international investors.
“Among key legislative reforms in the works is our Special Economic Zone law, which we are at an advanced stage to promulgate. This law provides for both fiscal and non-fiscal incentives aimed at attracting much needed investments in our economy.
“MIT is further finalising the review of our investment promotion law, which is expected to be tabled this year. This is key as it provides for the promotion and facilitation of foreign and Namibian investment to enhance sustainable economic development,” Iipumbu said.
* email: matthew@namibian.com.na
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