{"id":15712,"date":"2022-03-24T16:56:08","date_gmt":"2022-03-24T16:56:08","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob"},"modified":"2022-03-24T17:24:56","modified_gmt":"2022-03-24T17:24:56","slug":"namibia-allows-profit-repatriations-geingob","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob","title":{"rendered":"Namibia allows profit repatriations \u2013 Geingob"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>PRESIDENT Hage Geingob yesterday informed the world that Namibia is a country governed by the rule of law, which allows companies to repatriate profits to their home countries.<\/b><\/p>\n

The president was speaking at the Namibia Investment Summit in Dubai yesterday. Geingob, various members of Cabinet, captains of industry and other Namibians flew to the United Arab Emirates in an attempt to solicit foreign direct investments for the country.<\/p>\n

On offer are opportunities in renewable energy, agri-business, tourism, infrastructure, logistics and transport, as well as mining, mineral beneficiation and other industries.<\/p>\n

Geingob said because investors are primarily concerned with their investments such as capital, machinery and know-how, it would be safe if they decide to invest in a new market such as Namibia, and to be allowed to repatriate profits to their home country.<\/p>\n

\u201cOn these questions, let me reassure you that not only is Namibia a rule-based democracy with membership to international investment protecting conventions and instruments; we also have an independent judiciary that robustly enforces constitutionally guaranteed property rights for all domestic and foreign investors,\u201d he said.<\/p>\n

Geingob said the \u201crepatriation of profits, returns, loans and even the entire investment is legal in Namibia. Thus, there is no need for concern in that respect\u201d.<\/p>\n

Namibian laws, especially tax laws, have been abused over the years by many foreign companies that have shipped massive profits out and dodged taxes, leaving less for average Namibians and for the country’s development.<\/p>\n

It is not clear how the Presidency will rule this out in future, however, examples in the mining and fishing industries abound. In 2019, The Namibian reported that the mining industry was paying minimal corporate taxes, while in 2016, it was reported that fishing companies engaged in massive profit repatriations, dodging taxes along the way.<\/p>\n

No action has been taken against those companies to date. Supporting the president’s statement, trade and industry minister Lucia Iipumbu said Namibia \u201cembraces modern investment laws\u201d.<\/p>\n

Ipumbu attended the summit to provide an overview of the country’s policy and legal framework for investments in the country. \u201cWe are at the tail end of crafting a new investment law to ensure that Namibia has no policy gap in investment,\u201d she said.<\/p>\n

Geingob said he was inviting all who have not yet invested in the country to make an investment decision and become Namibia’s investment partner. \u201cAnd if not an investment partner, then try to become Namibia’s tourism partner. Namibia is ready to do business and welcomes you with many opportunities,\u201d he said.<\/p>\n

Agriculture minister Calle Schlettwein and finance minister Ipumbu Shiimi also made presentations on the available opportunities within the agriculture sector, as well as on the new frenzy \u2013 green hydrogen.<\/p>\n

Schlettwein was out to propel agricultural technologies, as well as the high value supply for export diversification. Shiimi who doubles as a green hydrogen council member, sold the vast Namibian landscape which is able to produce massive volumes of renewable energy.<\/p>\n

Supporting his sentiments, Tobias Bischof-Niemz of Hyphen Hydrogen Energy \u2013 which won the bid to develop Namibia’s green hydrogen industry, said the country is poised to become a global centre for a green hydrogen ecosystem.<\/p>\n

At the summit, Andr\u00e9 Schulz of Lufthansa said in order to support Namibian tourism, Euro\u00adwings will now be flying daily from Windhoek to Frankfurt, and vice versa.<\/p>\n

For the high season between 1 July and 11 September, this will increase to 10 weekly flights. Schulz said the Frankfurt-Windhoek route is one of the best routes for the airline.<\/p>\n

On the sidelines, an agreement was signed between the Namibia University of Science and Technology, the Namibia Training Authority and the Dubai College of Tourism, with the intent to create mutual cooperation in the areas of education, training, exchange of knowledge and industrial placement in tourism.<\/p>\n

Namibia is among 191 countries seeking investments at the expo. The summit held yesterday aimed to identify, engage and attract new investment leads, promote the country as a preferred investment destination and facilitate engagements between potential investors and Namibian entities.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. PRESIDENT Hage Geingob yesterday informed the world that Namibia is a country governed by the rule of law, which allows companies to repatriate profits to their home countries. The president was speaking at the Namibia Investment Summit in Dubai yesterday. Geingob, various members of Cabinet, captains of industry and other Namibians flew […]<\/p>\n","protected":false},"author":84,"featured_media":15711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[234,236,233],"class_list":["post-15712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamibia allows profit repatriations \u2013 Geingob - Namibia<\/title>\n<meta name=\"description\" content=\"PRESIDENT Hage Geingob yesterday informed the world that Namibia is a country governed by the rule of law, which allo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia allows profit repatriations \u2013 Geingob\" \/>\n<meta property=\"og:description\" content=\"PRESIDENT Hage Geingob yesterday informed the world that Namibia is a country governed by the rule of law, which allo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-24T16:56:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-24T17:24:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/03\/img-623ca9487cd14.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"451\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia allows profit repatriations \u2013 Geingob\",\"datePublished\":\"2022-03-24T16:56:08+00:00\",\"dateModified\":\"2022-03-24T17:24:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob\"},\"wordCount\":681,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/03\/img-623ca9487cd14.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-allows-profit-repatriations-geingob\",\"name\":\"Namibia allows profit repatriations \u2013 Geingob - 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