Investment Bill nears signing

Industrialisation minister Lucia Iipumbu says the Namibia Investment Promotion and Facilitation Bill is expected to be promulgated this year. She made the announcement during the tabling of her ministry’s budget in the National Assembly last week.

The Bill, which has been in the works since 2016, intends to provide for the promotion of sustainable economic development and growth through the mobilisation and attraction of foreign and domestic investment to enhance economic development, reduce unemployment, accelerate growth and diversify the economy.

“The Namibia Investment Promotion and Facilitation Bill is expected to be promulgated in this financial year, and encompasses the treatment and support for domestic and foreign investors. It provides for sector reservations for Namibian investors,” Iipumbu said.

The industrialisation ministry was also in the process of finalising a draft version of the Special Economic Zone (SEZ) regime, which - once finalised - will phase out the Export Processing Zone (EPZ) regime.

“The ministry has finalised the draft SEZ Bill and accompanying regulations. These are to be tabled during the 2024/25 period, which will effectively ensure that we phase out the EPZ regime by end of 2025. During the forthcoming period of 2024/25, the ministry will finalise a SEZ master plan to guide the implementation process once the regime sets in,” she said.

“Incidentally, the ministry will also finalise a local content policy concept note to ensure that such SEZ regime mainstream aspects of local content in their dealings,” Iipumbu added.

Budgetary allocations

Of the ministry’s total operational budget of N$315 million, N$90 million is allocated towards personnel expenditure, N$43 million towards goods and other services, while N$182 million was allocated towards subsidies and other current transfers.

The trade promotion programme was allocated N$191 million, the industrial development programme N$72 million, the investment promotion programme N$4 million, the special industrialisation programme N$31 million and the policy supervision and support services programme N$65 million.

Outlining the ministry’s priority areas for the fiscal year, Iipumbu said emphasis would be placed on the continued implementation of the equipment aid scheme and industrial upgrading, the ministry’s modernisation programme, the continued roll-out of the Empretec entrepreneurial and gemstone cutting and polishing training, undertaking initiatives to facilitate market access for Namibian products and the launch of a national trade policy, among others.