Economic Summit to cost N.dollars 3.5 million

The Namibia Economic Summit under the high-level economic panel is projected to cost N.dollars 3.5 million which is funded by the private sector.

The summit which is set for 31 July to 01 August in Windhoek, is aimed to revive and grow the country and #146;'s economy.

Speaking at a media conference here on Monday, the committee and #146;s chairperson Johannes !Gawaxab announced that no government funds are expected to be utilised and N.dollars 1.7 million has already been gathered.

Eight companies have thus far contributed namely, Bankers Association of Namibia, Namdia, Ohlthaver and List Group, Agribank, Namibia Agronomic Board, Namibia Agriculture Union, National Petroleum Corporation of Namibia (Namcor) and Namibia Charcoal Association.

!Gawaxab pledged that it will be a transparent process and no bank account will be opened but each organisation will get a supplier to pay.

We are not going to try and open a bank account and keep all your money as sponsors, we will give you suppliers to pay directly () We have a deal with Safari (Hotels) where the conference will take place and we will tell one of our sponsors to pay them directly. No money will come to any account, he vowed.

He further highlighted the fact that Namibia signed the Africa Free Trade Agreements and this will be essential to one of the breakaway sessions.

The whole regional and continent integration as well as trade within the continent are becoming big. So one of the discussions for the breakaway sessions will be 'how do we as Namibians leverage off regional integration' and 'what products do we have a competitive advantage that we can take to the continent, !Gawaxab pointed out.

There will be a simultaneous breakaway sessions to discuss public private partnership, capital project investments, sustainable food projects as well as employment creation.

About 600 delegates of international and local investors will be invited to showcase a portfolio of local investment projects in several sectors.

This summit falls under the activities to turn around Namibia and #146;s ailing economy and deliver US.dollars 1 billion (N.dollars 14.8 billion) to the local economy over the next 24 months.

The executives from the various companies concurred that the economic burden should fall on every Namibian not only government and they stand to engage with sustainable efforts to bring the country back to stability as well as help it grow and develop more.

Source: Namibia Press Agency