Investment bill nears finalisation
Industrialisation minister Lucia Iipumbu says the envisaged Investment Promotion and Facilitation Bill is nearing finalisation following consultation.Iipumbu made the comments during a consultative meeting to provide an update on the bill and the implementation of the Special Economic Zone (SEZ) regime, which government intends to implement in favour of the discontinued Export Processing Zones (EPZ) region.
“The ministry is at an advanced point in finalising and enacting the Namibia Investment Promotion and Facilitation Bill, which was comprehensively consulted, including in these regions,” Iipumbu said.
Easier to operate
She said the regulations are designed to create an environment that encourages and supports investment, streamlining processes to make it easier for businesses to operate in Namibia while ensuring that there are checks and balances in terms of investment portfolios and compliance.
“We understand that a transparent, predictable and investor-friendly regulatory framework is essential for attracting the capital necessary for infrastructure development, job creation and technological advancements,” she said.
Iipumbu said key aspects of the regulations would include providing clear guidelines for both domestic and foreign investors, ensuring protection of their respective rights and establishing mechanisms to address concerns.
Transformation
Commenting on the envisaged SEZ regime, Iipumbu noted that the concept of SEZs has proven to be a catalyst for economic transformation in various parts of the world.
“By creating designated areas with favourable business conditions and incentives, governments aim to attract both domestic and foreign investments, foster innovation and generate employment opportunities,” Iipumbu said.
“We must consider all the social implications of SEZs, ensuring that the economic benefits are shared equitably among all segments of society. Moreover, the SEZ bill should be crafted with a forward-looking approach, incorporating measures to promote innovation, research and development, and the integration of new technologies. By doing so, we can position ourselves as a hub for cutting-edge industries, attracting both domestic and foreign investments that will fuel our economic progress,” she added.