{"id":50886,"date":"2023-08-08T17:51:51","date_gmt":"2023-08-08T17:51:51","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/new-investment-strategy-leverages-on-renewables-iipumbu"},"modified":"2023-08-08T18:08:16","modified_gmt":"2023-08-08T18:08:16","slug":"new-investment-strategy-leverages-on-renewables-iipumbu","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/new-investment-strategy-leverages-on-renewables-iipumbu","title":{"rendered":"New investment strategy leverages on renewables – Iipumbu"},"content":{"rendered":"

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

Africa-Press – Namibia. <\/strong><\/span>Namibia\u2019s new investment policy regime purposefully leverages on new investment strategies pertaining to renewable energies as it aims to resuscitate an ailing economy within updated legislation. As such, the Namibia Investment Promotion and Facilitation Bill (NIPFB) aspires to be inclusive for both local and international investors as it replaces the now-outdated Foreign Investment Act (FIA).<\/p>\n

Trade minister Lucia Iipumbu yesterday said she and her team have been working around the clock to finalise the new Investment Act, which is currently undergoing the final stages of consultative engagements.<\/p>\n

\u201cThe Ministry of Industrialisation and Trade (MIT) is cognisant of the need to speed up this process for us to shore up and revive our investment regulatory and<\/p>\n

policy regime to embrace a modern and transparent legal framework that accommodates new economic dynamics and developments to ensure that Namibia leverages on dimensions that cover new economic and investment priority areas,\u201d she said during the Khomas region\u2019s<\/p>\n

stakeholders consultation.<\/p>\n

Iipumbu pledged that government is committed to finalising the process which commenced when MIT initially tabled the draft Bill in the National Assembly in November 2021. That attempt was withdrawn following calls for further consultations.<\/p>\n

Now, after a lengthy process involving the appointment of a Technical Committee, the presentation of amendments and recommendations for Cabinet endorsement and more, final consultations are taking place.<\/p>\n

Iipumbu is adamant that the new investment NIPFB strategy will ease unlocking and attracting investments, while promoting trade opportunities for the country. This, she said, was lacking in the FIA, which does not embrace newer investments dynamics such as innovation and sustainable investment.<\/p>\n

The NIPFB will ensure that Namibia addresses a policy gap when it comes to the investment environment to avoid investors\u2019 uncertainty.<\/p>\n

\u201cThis old legislation, therefore, will not support viable initiatives that foster the adoption of the 4th Industrial Revolution- driven investments, nor will it adequately enhance new policy developments around Special Economic Zones, which aim to ensure that Namibia can attract investments,\u201d said Iipumbu.<\/p>\n

Thus far, the trade ministry has conducted stakeholders\u2019 engagements in all 13 regions, and have engaged Parliamentarians. The Khomas region was the last region consulted before the Bill returns to Cabinet and Parliament, respectively.<\/p>\n

Said Iipumbu: \u201cNamibia\u2019s Policy and Legal Framework for Investment confines itself within the presiding global policy space, whilst ensuring adherence to the national agenda embedded in various policies and development frameworks. Further, the development of the NIPFB through a consultative process is aimed to ensure that it is fit for purpose for our national developmental trajectory\u201d.<\/p>\n

Ultimately, the goal of the NIPFB is to ensure it is aligned to Namibia\u2019s national objectives of stimulating industrialisation, structural transformation of the economy, and the attraction of both sustainable FDI and Domestic Direct Investment (DDI).<\/p>\n

Meanwhile, during a stakeholders\u2019 presentation, deputy executive director in the trade ministry Michael Humavindu pointed out that the new legistaltion identifies key sectors to be reserved for the State and for local Namibians. An example of a sector reserved for the State is the Central Bank, and for Namibians, sectors include retail, construction, sub-sectors in tourism and transport.<\/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. Namibia\u2019s new investment policy regime purposefully leverages on new investment strategies pertaining to renewable energies as it aims to resuscitate an ailing economy within updated legislation. As such, the Namibia Investment Promotion and Facilitation Bill (NIPFB) aspires to be inclusive for both local and international investors as it replaces the […]<\/p>\n","protected":false},"author":84,"featured_media":50885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-50886","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":"\nNew investment strategy leverages on renewables - Iipumbu - Namibia<\/title>\n<meta name=\"description\" content=\"Namibia\u2019s new investment policy regime purposefully leverages on new investment strategies pertaining to renewable energ ...\" \/>\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\/new-investment-strategy-leverages-on-renewables-iipumbu\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New investment strategy leverages on renewables - 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