Mushelenga invites investment from South Africa

Minister of Urban and Rural Development Peya Mushelenga on Wednesday introduced South African investors to the Namibia's Foreign Investment Act at an 'Doing Business in Namibia investment Seminar currently underway in Johannesburg, South Africa.

In a press release sent to Nampa, Mushelenga, who is attending the seminar on invitation of the Namibia High Commission to South Africa, told participants that the Act protects foreign investors.

The Act provides for an advantageous business climate that is mutually beneficial to both the South African investors and Namibia as a destination for the Foreign Direct investment (FDI), Mushelenga said.

Mushelenga told participants at the seminar that Namibia allows for foreigners who have invested in Namibia to repatriate their profits to their home countries.

Namibia has a conducive business environment for foreign investors, given the legislative instruments and effective institutions that are in place, Mushelenga said.

'In the event of disputes with the government, an independent arbiter is appointed to resolve the dispute, Mushelenga further added.

Mushelenga said the historic links between Namibia and S.A. means the two countries' economies are intertwined.

Mushelenga noted that it is important for business people from the two countries to exchange information about business competitiveness in order to strengthen economic cooperation and expand existing investment activities.

Opportunities exist in the manufacturing sector in the Southern African region in respect of building supply materials, he said.

Given ongoing intensive construction in the housing sector, the manufacturing of these materials locally will enhance the construction of houses at affordable prices, reduce the housing backlog and accelerate informal sector upgrading in the region the Minister told participants.

Mushelenga implored upon participants at the seminar to consider focusing on this area of the economic sector when considering investment in the Namibian economy.

Mushelenga is part of a high level delegation from Namibia currently in South Africa to attend the Doing Business in Namibia seminar.

An initiative of the Namibia High Commissioner to South Africa Veiccoh Nghiwete together with the Johannesburg Chamber of Commerce and Industry (JCCI).

Amongst other attendees from Namibia are Martin Shipanga, Chairperson of the Namibia Chamber of Commerce and Industry and Immanuel Kadhila a member of the Presidents High Level Panel on the Namibian economy.

Source: Namibia Press Agency