NCCI welcomes signing of investment pact with China

THE Namibia Chamber of Commerce and Industry (NCCI) has welcomed the signing of the Reciprocal Protection of Investments Agreement between the Government and that of the People’s Republic of China last week.

The NCCI said it was happy to note that several details, which the business community had been raising concern about in the past years, had been fulfilled and that a trade agreement that could benefit many businesses in both countries had emerged. “The NCCI attaches great importance to China’s trade with Namibia and it is good to note that in recent years the value of trade both ways has been steadily on the balance reaching over US$70 million (N$420 million) last year,” said NCCI Operations Manager Charity Mwiya, in a statement.The Ministry of Trade and Industry’s Permanent Secretary Andrew Ndishishi who signed the agreement on behalf of the Namibian Government told the NCCI that the agreement would facilitate the flow of investments between the two countries to decide on issues of disputes, settlement of rights and obligations of investors and repatriation of returns on investment in each other’s country.In this agreement, Namibia stands to benefit as the country is given duty-free access to the Chinese market.The Chinese government, according to Ndishishi, is prepared to discuss free market access of Namibian products and services and it is up to local businesses to identify those products they want to take to the Chinese market.”The Chamber encourages businesses to seriously study the provisions of the agreement and take steps to use the benefits quickly,” said Mwiya.Namibia’s trade relations with China are wide and cross a variety of sectors.The mainstreams of Namibia’s exports to China during 2003 include fish and fish products, hides and skins, crabs, grains, granules and tyres.However, added Mwiya, the NCCI feels that the composition of Namibia’s exports to China could increasingly change offering potential for longer-term growth.Namibia’s services, dairy and meat industries are likely to be the cornerstone of opportunities for Namibian businesses in China if they seriously utilise the advantages provided for in this important agreement.Said Mwiya: “The challenges are going to be plentiful for Namibian businesses but there are new and widespread opportunities for those who take steps to meet these challenges.”While the impact of different sectors may vary, the NCCI believes that with enough preparation to learn more about China, to explore new business partners or clients, to restructure or improve in niche areas, Namibian companies can grasp the vast opportunities and meet these challenges.”NCCI says it will continue to provide the necessary support to its members in order to accomplish their potential in China as well as in the global market in general.In an effort to familiarise local businesses about the recent important agreement, Mwiya said the NCCI would soon schedule a consultative meeting with the Ministry of Trade, and the organisation urges local businesses to attend the meeting.The platform, said Mwiya, would also hold informative discussions on a scheduled business delegation visit to China in September this year.”The NCCI attaches great importance to China’s trade with Namibia and it is good to note that in recent years the value of trade both ways has been steadily on the balance reaching over US$70 million (N$420 million) last year,” said NCCI Operations Manager Charity Mwiya, in a statement.The Ministry of Trade and Industry’s Permanent Secretary Andrew Ndishishi who signed the agreement on behalf of the Namibian Government told the NCCI that the agreement would facilitate the flow of investments between the two countries to decide on issues of disputes, settlement of rights and obligations of investors and repatriation of returns on investment in each other’s country.In this agreement, Namibia stands to benefit as the country is given duty-free access to the Chinese market.The Chinese government, according to Ndishishi, is prepared to discuss free market access of Namibian products and services and it is up to local businesses to identify those products they want to take to the Chinese market.”The Chamber encourages businesses to seriously study the provisions of the agreement and take steps to use the benefits quickly,” said Mwiya.Namibia’s trade relations with China are wide and cross a variety of sectors.The mainstreams of Namibia’s exports to China during 2003 include fish and fish products, hides and skins, crabs, grains, granules and tyres.However, added Mwiya, the NCCI feels that the composition of Namibia’s exports to China could increasingly change offering potential for longer-term growth.Namibia’s services, dairy and meat industries are likely to be the cornerstone of opportunities for Namibian businesses in China if they seriously utilise the advantages provided for in this important agreement.Said Mwiya: “The challenges are going to be plentiful for Namibian businesses but there are new and widespread opportunities for those who take steps to meet these challenges.”While the impact of different sectors may vary, the NCCI believes that with enough preparation to learn more about China, to explore new business partners or clients, to restructure or improve in niche areas, Namibian companies can grasp the vast opportunities and meet these challenges.”NCCI says it will continue to provide the necessary support to its members in order to accomplish their potential in China as well as in the global market in general.In an effort to familiarise local businesses about the recent important agreement, Mwiya said the NCCI would soon schedule a consultative meeting with the Ministry of Trade, and the organisation urges local businesses to attend the meeting.The platform, said Mwiya, would also hold informative discussions on a scheduled business delegation visit to China in September this year.