The Namibia Investment Promotion and Development Board (NIPDB) will host promotion events for business opportunities in the country on the sidelines of the United Nations General Assembly that runs until 26 September.
According to a statement issued by NIPDB, the General Assembly is the main deliberative, policymaking and representative organ of the United Nations comprising all 193 members of the United Nations, including Namibia.
“The assembly is one of the most high-profile gatherings of influential political and business leaders from around the world, thus providing access to key decision-makers and potential investors from diverse sectors.
“As the largest source of foreign direct investment (FDI) in the world, the United States is a key and untapped market for Namibia, although Namibia currently receives only a small percentage of FDI from the US,” said the statement.
According to the Bank of Namibia, in 2022, FDI flow from the US to Namibia was N$1 billion, with oil and gas, financial services and manufacturing sectors being the main recipients of this investment.
“NIPDB is, therefore, making deliberate efforts to tap into this market and to secure further investment in the oil and gas as well as mining industries,” said the board.
Furthermore, the board noted that under the African Growth and Opportunity Act (Agoa), Namibia is eligible to export various products to the US market. Up to 6 400 products manufactured and/or sourced from Namibia are allowed into the US market quota-free and duty-free as long as rules of origin with the value-added threshold of 35% is achieved.
NIPDB said US firms intending to set up in Namibia can benefit up to 97% market access through the Africa Continental Free Trade Area, and the European Union where Namibia is granted duty-free and quota-free 100% market access through existing trade agreements.
“Deliberate efforts are being made to enable Namibian companies to take up these opportunities and the NIPDB has planned a series of strategic engagements with potential investors to create awareness about Namibia and share insights into the country’s investment landscape, highlighting opportunities across multiple sectors, including green hydrogen, agriculture, education and mining,” said NIPDB.
The activities lined up for promotion include the anchor “Invest in Namibia” to be hosted in partnership with RMB in Namibia, the corporate and investment banking division of FNB Namibia Limited.
As part of the Concordia partnership, the NIPDB will further co-host a roundtable discussion on education titled “Preparing for the Jobs of Tomorrow: Upskilling to Green Jobs and Increasing Education Access”.
NIPDB and the Ministry of Education, Arts and Culture will also host engagements with key philanthropic and education development organisations to mobilise potential funding sources to support various the ministry’ strategic interventions to create a conducive teaching and learning environment in public schools.
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