Geingob announces investor-friendly measures

President HageGeingob has announced a cocktail of investors friendly measures that are aimed at stimulating the Namibia economy.

Speaking at the two-day Namibia economic growth summit here on Monday, Geingob announced the scrapping of the 25 percent New Equitable Economic Empowerment Framework (NEEEF) equity measure as well as visa regulations aimed as enabling ease of doing business.

The compulsory 25 percent equity stake has been removed; however, all pillars will remain and be taken into account for enterprises doing business with government and applying for natural resources licensing, Geingob said.

He added that the finalisation of New Equitable Economic Empowerment Bill (NEEEB) is one of government key priorities and the Bill will be tabled in Parliament within six months.

In addition, Geingob highlighted that government had sought to revise the Namibia Investment Promotion Act, with the view to mobilise and attract domestic and foreign investment for economic development.

Subsequent to promulgation, the Act was put on hold to accommodate broader inputs by the private sector. Substantive amendments were effected to address concerns raised, such as that the Act was cumbersome and too bureaucratic and defeating its intended purpose instruments to promote investments, he added.

In view of the public procurement regime, the President stated that government had agreed with the proposal to have the Public Procurement Act reviewed and amended where necessary, which process will begin during the current financial year.

As part of enhancing ease of doing business, government has undertaken several reforms to position visa process competitively, which include exempting diplomatic and official passport holders from 53 African countries from visa requirements.

Other measures, include the introduction of the e-visa or visa at entry point at nominal fee, provision of easy access for work visa for highly skilled professionals and sort after skills, provision for easy access for residence visa for expatriate retirees, offering residence visa on the back of capital investments and multiple-entry visa for business persons for at least a five year period at a time.

The summit held under the theme 'Economic Revival for Inclusive Growth, Strengthening the Namibian House is aimed at reviving and grow the country's economy. It further aim to deliver US.dollars 1 billion (N.dollars 14.8 billion) to the local economy over the next 24 months.

The summit is attended by international and local investors to showcase a portfolio of local investment projects in several sectors.

Source: Namibia Press Agency