President Netumbo Nandi-Ndaitwah has called on Namibian and Angolan businesses to invest in joint industries and process more of their countries’ natural resources locally to increase production, create jobs and reduce dependence on exports of unprocessed commodities.
Addressing the Angola-Namibia Business Forum in Luanda on Monday, Nandi-Ndaitwah said the two countries needed to move beyond trading products and work together to manufacture goods and develop industries.
“We must move from simply trading products to jointly producing goods and services, developing industries, and accessing larger markets together using international trade instruments such as the African Continental Free Trade Area,” she said.
The forum was held during the President’s state visit to Angola and brought together business leaders from both countries to explore investment opportunities and strengthen commercial relations.
Economic strengths
Nandi-Ndaitwah said Namibia and Angola had complementary economic strengths that could support deeper cooperation in agriculture, mining, fishing, oil and gas, and energy.
She acknowledged improvements in business activities between the two countries, particularly in services such as banking, telecommunications, health and hospitality, but said more needed to be done to match their economic cooperation with their political relations.
“Political relations provide the foundation for cooperation, but economic partnerships give that cooperation its practical meaning,” she said.
The President said African economies continued to export substantial quantities of raw materials while importing manufactured products that could be produced locally.
She called for greater investment in domestic production and value addition so that natural resources could support industrial development and create more economic opportunities.
Nandi-Ndaitwah said the two countries should identify commercially viable projects, develop joint ventures and strengthen regional value chains.
She said investment and trade required a predictable business environment, effective institutions, suitable infrastructure, access to finance and confidence in economic policies.
Commitment
The President said Namibia remained committed to improving its investment policy and legal framework to provide greater clarity and transparency for investors while protecting the national interest.
She said foreign investment should contribute to economic development through job creation, skills development, technology transfer, participation by local businesses and increased productive capacity.
“Our approach is therefore to encourage responsible trade and investment that creates mutual benefits for investors, host communities and the wider economy,” she said.
The President also called for small and medium-sized enterprises, including informal traders operating along the shared border, to benefit from the partnership.
She explained that these businesses were important sources of employment and economic activity and should receive support through improved access to finance, business development services, market information and technology.
Nandi-Ndaitwah said women entrepreneurs and young business leaders should also participate in the economic partnership.
The head of State called on the governments, investment promotion agencies and chambers of commerce of both countries to work together to identify investment opportunities, facilitate business contacts and monitor proposed projects.
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