Local content under spotlight at symposium
Local content policy plays a crucial role in ensuring that the utlisation of the country’s natural resources benefits its citizens and promotes national development, says Jason Kasuto, chairperson of Economic Association of Namibia (EAN) and managing director of Monasa Advisory & Associates.Kasuto spoke at the Namibia Chamber of Commerce and Industry’s (NCCI) Namibia Business Symposium held at the Walvis Bay Port last week.
“It is incumbent on the state to ensure that it manages and regulates the exploitation of these natural resources in a manner that, while being able to attract foreign investment into the sector, the wealth from the natural resources benefits the nation and its citizens,” Kasuto said.
“The local content policy and amendments to the petroleum act are amongst some of the tools that can be applied to give life to Article 100 of the Constitution,” he added.
Importance
Kasuota further emphasised the importance of the implementation of the local content policy. “The LCP sets the scene to allow stakeholders to start alignment, but what’s fundamental is that a targeted strategy is developed to give life to the intent of the policy; getting the policy out is a necessary catalyst,” he stated.
Antoine Berel, vice-president for Sub-Saharan Africa:Halliburton, said a local content policy is an important tool for the management of the Namibian resources.
He mentioned that the local content policy is an important tool, but he prefers looking at it from the lens of ‘in-country-value creation’ and indicated Halliburton’s commitment to create in-country value for Namibians during their operation.