{"id":49653,"date":"2023-07-19T16:21:02","date_gmt":"2023-07-19T16:21:02","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/vast-reserves-key-to-economic-emancipation-part-of-key-strategy-to-alleviate-income-inequality"},"modified":"2023-07-19T16:28:59","modified_gmt":"2023-07-19T16:28:59","slug":"vast-reserves-key-to-economic-emancipation-part-of-key-strategy-to-alleviate-income-inequality","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/vast-reserves-key-to-economic-emancipation-part-of-key-strategy-to-alleviate-income-inequality","title":{"rendered":"Vast reserves key to economic emancipation \u2026 part of key strategy to alleviate income inequality"},"content":{"rendered":"

Edgar Brandt<\/b><\/p>\n

Africa-Press – Namibia. <\/strong><\/span>The discovery of vast oil and gas reserves by international companies TotalEnergies and Shell has catalysed a new dawn for Namibia. This is after Shell last week announced its fourth successive discovery, more than 270km off the coast in Namibia\u2019s Orange basin after hitting pay dirt with a recently-completed exploration probe.<\/p>\n

\u201cThese reserves, once fully appraised and eventually developed, will contribute meaningfully to our economy and will form a cornerstone in our strategy to alleviate unemployment and income inequality in our nation,\u201d said Vice President Nangolo Mbumba last week.<\/p>\n

Speaking at the Invest in Namibia session on the sidelines of the US-Africa business summit in Botswana, Mbumba noted Namibia\u2019s energy sector has seen considerable advancements in recent times and has opened vast opportunities for investments and value chains that are awaiting to be exploited. Touching on renewable energy, Mbumba said Namibia\u2019s unique geographical attributes place it at a significant advantage above many other countries.<\/p>\n

\u201cOur land is touched by the sun on average 300 days of the year and our coastline is blessed by constant winds. With the signing of the Feasibility Implementation Agreement with Hyphen Hydrogen Energy, to produce green hydrogen, Namibia is effectively harnessing our natural resources to contribute not only to regional energy equity, sustainability and security but also to the decarbonisation of our planet,\u201d said the Vice president, adding that one of Namibia\u2019s ambitions is to become the sustainable energy capital of Africa. Mbumba also told the gathering that Namibia offers trade and investment opportunities in multiple sectors beyond energy.<\/p>\n

\u201cFrom tourism, mining, agriculture and agro-processing, transport and logistics, amongst others, a key objective for Namibia is to leverage the existing capital-intensive industries to set the basis for productive diversification towards industries that can employ more people with higher capabilities and jumpstart the Namibian economy,\u201d said Mbumba.<\/p>\n

Also speaking at the same occasion, trade and industrialisation minister, Lucia Iipumbu noted it was befitting that this summit was being held in Botswana, one of the world\u2019s fastest growing economies over the past decade. Commenting on Africa\u2019s energy ambitions, Iipumbu noted that sub-Saharan Africa emits a tiny fraction of carbon dioxide emissions, just 1.9% of the world\u2019s emissions.<\/p>\n

Said Iipumbu: \u201cDespite the sobering data as outlined above, it is important to outline our key resolves and recommendations to ensure a viable outcome in terms of integrating Africa fully into the global value chains framework whilst securing its role in the energy transition\u201d.<\/p>\n

She added that the creation of the African Continental Free Trade Area (AfCFTA) is Africa\u2019s resolve to directly confront the very low intra-African continental trade.<\/p>\n

\u201cCompetitiveness for Africa\u2019s integration into global value chains also calls for frontloading digital capabilities that also support entrepreneurship. To this end, the recently launched Digital Transformation with Africa Initiative as a signature initiative of the US Strategy Towards Sub Saharan Africa is very much welcome,\u201d Iipiumbu noted. She continued that despite Africa\u2019s extremely low per capital carbon dioxide emissions, energy poverty is extremely high and renewable investment levels into Africa are not necessarily optimal.<\/p>\n

\u201cTo this end, our USA-Africa cooperation should invest critically in the early stages of energy project development such as the renewable energy initiatives, with much attention and investment paid to project preparation and innovative finance that can support early-stage risk capital,\u201d Iipumbu suggested.<\/p>\n

The trade minister added that the theme of the US-Africa business summit of \u2018Enhancing Africa\u2019s Value in Global Value Chains\u2019 needs additional corroboration in terms of the current context.<\/p>\n

She pointed out that Africa\u2019s role in global trade is growing and so much more at an accelerated rate over the past decade but that Africa still only accounts for 3% of global trade. In addition, Africa\u2019s share of intra-continental trade is less than 13%, compared to close to 50% in North America, 53% in Asia and almost 70% in Europe.<\/p>\n

\u201cThese sobering statistics have immense implications on the developing and integration of Africa\u2019s value in global value chains. Dire implications are thus felt in terms of limited specialisation, economies of scale, competition and technology diffusion. These then feed into circular self-defeating mechanisms that continue to stall Africa\u2019s ability to accrue much value into global value chains,\u201d Iipumbu stated.<\/p>\n

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

Edgar Brandt Africa-Press – Namibia. The discovery of vast oil and gas reserves by international companies TotalEnergies and Shell has catalysed a new dawn for Namibia. This is after Shell last week announced its fourth successive discovery, more than 270km off the coast in Namibia\u2019s Orange basin after hitting pay dirt with a recently-completed exploration […]<\/p>\n","protected":false},"author":84,"featured_media":49652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-49653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nVast reserves key to economic emancipation \u2026 part of key strategy to alleviate income inequality - Namibia<\/title>\n<meta name=\"description\" content=\"The discovery of vast oil and gas reserves by international companies TotalEnergies and Shell has catalysed a new dawn f ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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