Africa-Press – Namibia. ALTHOUGH bilateral trade between India and Namibia have increased over the years to US$252 million between 2021-2022, it still favours India, and more needs to be done to reduce the trade deficit.
This was said by Namibia’s deputy prime minister and minister of international relations and cooperation Netumbo Nandi-Ndaitwah on Tuesday, adding that this was the highest trade figure in a decade.
She was addressing the country session of Namibia at the 17th Exim Bank Conclave on India-Africa growth partnership.
“Out of this, Indian exports to Namibia amount to US$206 million, for mainly petroleum products,” she said.
The minister, however, stressed that, according to the latest Namibian Statistics Agency report, when it comes to imports, India had become Namibia’s second largest partner after South Africa.
Nandi-Ndaitwah said Namibia’s exports to India amounted to US$46 million, an increase of over 52% from the 2020-21 figures.
“But as you can see, we have to do something to improve on our trade balance,” she said.
The minister added that with the establishment of the India-Namibia Trade Forum, the commercial interaction has increased, but there is still room for improvement.
“The aim is to create collaboration between Namibian and Indian companies in different sectors of our economy.
“The government of Namibia has taken a deliberate decision to facilitate investment in the growth points such as energy, water, agriculture, oil and gas, technology, tourism, health, education, mining (with emphasis on value addition),” she said.
The minister said Namibia and India share long-standing historical ties, as India was at the forefront in supporting Namibia’s struggle for independence.
“Currently, there are 23 signed bilateral agreements and memoranda of understanding between Namibia and India,” she said.
The minister added that the 17th Exim Bank Conclave is a platform for Namibia and India to explore opportunities in sectors of interest to both countries.
Namibia and India have excellent bilateral relations, as reflected by the frequency and reciprocity of high-level visits and meetings, she noted.
“To strengthen economic cooperation, Namibia and India established a joint trade committee on 7 September 2016, but the last meeting, the fourth India-Namibia Joint Trade Committee, planned for 4-5 February 2020 in Windhoek was cancelled due to Covid-19 lockdowns,” she said.
On 3 November 2021, Namibia and India signed an agreement on the establishment of the joint commission of cooperation, an instrument that will facilitate cooperation at all levels, she said.
The minister explained that the launch of the India-Namibia Friendship Association and inauguration of the cultural hall at the high commission of India in Namibia, was the first pan-Indian community association in Namibia, registered under Namibian laws earlier this year and open to Namibians and Indians.
“All these mechanisms are aimed at promoting people-to-people contact to foster true partnerships among our people that could contribute to healthy business among them,” the minister said.
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