The Popular Democratic Movement (PDM) has rejected the investment promotion and facilitation bill (IPFB) proposed by Minister of Industrialisation and Trade Lucia Iipumbu, saying it defies the principles of an open and free market economy.
In a media statement issued Tuesday, PDM leader McHenry Venaani said the proposed bill is repressive, absolutist and centralises power in the hands of the minister as it effectively gives the minister “inexhaustible” powers to decide not only who may invest and who is authorised to partner with investors, but also on which conditions investments may advance and whether or not the investments may be repatriated.
He said the bill clearly violates the constitutional protection outlined in Article 21 of the Namibian Constitution, which states that all persons shall have the right to practice any profession or carry on any occupation, trade or business. As a constitutional democracy, Namibia should strive to always uphold the ideals of the constitution but instead, the proposed “lacklustre and flimsy” bill directly opposes that, he added.
“This bill severely waters down the powers and functions of the Namibia Investment and Promotion Development Board (NIPDB) and reduces it to a toothless yes-man, compelled to agree with the autocratic resolutions taken by the Minister of Industrialisation and Trade despite the board comprising of among the brightest minds in Namibia’s economic and investment fraternity,” said Venaani.
He added that not only does the bill regulate the fundamental parameters of the country’s ramshackle investment and business environment, it also polices and militarises the business environment in which potential investors seek to operate, with heavy offences and penalties outlined for offenders.
“This bill would effectively deter much-needed investment in an already competitive international investment arena. We entreat the Ministry of Industrialisation and Trade, in consultation with the necessary stakeholders, to not only review the bill holistically, but to also consider and implement the recommendations proposed by the NIPDB where necessary,” stated Venaani.
Last month, Iipumbu tabled the bill in the National Assembly, saying it will create a conducive environment that can attract, retain and facilitate both domestic and foreign sustainable investments.
Source: The Namibian Press Agency
