Namibia urged to consider Brics market

TOP TABLE … From left: Salomo Hei, the managing director of High Economic Intelligence, and Bank Windhoek’s Jacquiline Pack and James Chapman. Photo: Contributed.

Economist and managing director of High Economic Intelligence, Salomo Hei, says the market space provided by the Brics group of countries (Brazil, Russia, India, China and South Africa) could be a conducive destination for Namibian products.

Brics aims to promote south-south trade cooperation.

Speaking at a stakeholder engagement on Friday, Hei said Namibia needs to improve trade facilitation, streamline customs procedures, and guarantee product quality and safety to realise the benefits of trading with Brics.

“The term was initially created as Bric, without South Africa, by Goldman Sachs economist Jim O’Neill in 2001. He believed that by 2050, the four Bric economies would dominate the global economy. In 2010, South Africa joined,” he said.

Speaking at the same event, Bank Windhoek executive officer of retail banking services and specialist finance, James Chapman, said the bank has withered the challenges faced in the past.

“We have almost seen the perfect storm in recent years – stagflation, a liquidity crunch, severe droughts, and a global pandemic. We do, however, believe we have emerged more robust each time,” he said.

“The heart of the Brics partnership lies in resilience and collaboration in facing challenges, adapting and prospering in an ever-changing world,” Chapman said.

“We take this role seriously and continuously invest in our people, the organisation, and the communities we operate in, because we are an integral part of Namibia and its economic landscape,” he said.

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