The New Investment Promotion Bill has progressed to its final stages and was submitted to legal drafters for scrutiny before tabling in parliament.
Furthermore, the Ministry of Industrialisation, Trade and SME Development has revealed that it started drafting the regulations for the new Investment Promotion Act, which will form part of the governing structure under which investments will be admitted into the country. This information is contained in the ministry’s 2015/16 annual report.
The report states that such regulations will stipulate the classification of sectors to be reserved for government and local investors, with special entry requirements such as joint ventures.
“As part of the consultation process, two meetings with the private and public sectors, respectively, were hosted during the period under review,” the report indicates.
The report further highlights some achievements of the Namibia Investment Centre that provides aftercare services to existing investors by facilitating their work permit and visa applications.
It reveals that about 22 new work permits and 27 permanent resident permits were granted to new investors during the year under review.
During the 2015/16 financial year, the Namibia Investment Centre facilitated new investments to the value of N$409 million, which created about 260 jobs in various economic sectors such as tourism, hospitality, agriculture, manufacturing, construction and services
“Company visits in the regions are conducted to identify new businesses registered and monitor and evaluate investors’ operations, as well as to ensure that they are in compliance with Namibian laws and regulations,” it stated.
Among the 14 regions in the country, 10 were visited and in the 10 regions approximately 200 companies were evaluated.
Subsequent to the visits, it says, some investors were issued with notice letters of non-compliance, which they need to rectify within six months.
In addition to monitoring and evaluation done through company visits, the centre facilitated around 1 049 work permit applications.
Work permit applications facilitated include 378 new permits, 384 renewals, 63 deferred cases, 16 accompanying permits, 100 appeal cases, 40 change of condition permits and 68 others which total 1 049.
It also highlights that a combination of domestic savings and foreign capital has boosted the country’s level of investment and industrial activities.
During the reporting period, the ministry, through its investment promotion agencies implemented measures aimed at nurturing domestic investment and attracting foreign direct investment.
During the period under review, the ministry facilitated 13 new investments worth N$2.8 billion and committed to create 836 permanent jobs. These investments are from South Africa, Germany, Zimbabwe, Portugal, Belgium, Italy and Dubai.