Investors need to change their mindset: Geingob

TORONTO: Prime Minister Hage Geingob on Tuesday called on global investors to invest in Namibia in order to create jobs and alleviate poverty through win-win partnerships.
“We are here seeking new opportunities and partnerships with investors in our journey to grow our economy in order to uplift the living standards of our people,” he said during the official opening of the 15th Annual Africa Mining Conference in Toronto, Canada.
The conference started last Thursday, and ended on Tuesday.
Investors need to change their mindset by way of adding value to natural resources and transferring technology to locals, he noted.
Geingob thus called on them to add value to the country’s diamonds, uranium, copper and gold.
“Namibia is still exporting raw materials without value-addition. Investors need to add value to our raw materials,” he reiterated.
Namibia is endowed with natural resources, but the majority of citizens are poor.
“We are seeking to create jobs and alleviate poverty through win-win partnerships. The goal of accelerated job-creation is not yet achieved, and inequalities still exist”, he stressed.
Namibia’s gross domestic product (GDP) for the third quarter of 2013 showed strong growth of 5,3 per cent.
The major contributors are the agriculture and manufacturing sectors at 31,9 per cent and 15,2 per cent, respectively.
Namibia is ranked 22nd in Africa in terms of total GDP, according to the World Bank, and ranked ninth in Africa in GDP per capita.
The country has prudent macro-economic policies aimed at increasing economic growth, creating jobs and reducing poverty.
Geingob, accompanied by a Namibian business delegation, arrived in Toronto on Saturday afternoon for an official visit to that country.
The Namibian business delegation held several business meetings and visited several business entities in Canada before leaving for the United States of America on Tuesday afternoon.