Namibia : Celebrating 18 years of Independence

“ Namibia is 18 years old. This is the age significant to the right passage from childhood to maturity according to the Namibian Constitution, Article 17 (2). This means that Namibia has passed or grown from a newly independent country into nationhood”

Hon. N. Nandi-Ndaitwah,
Minister of Information & Broadcasting

On Friday 21st March 2008, the Republic of Namibia commemorated the 18th anniversary of its independence. To denote a new Era of nationhood, Namibians count from this day with their own State House. The land of the brave is proud of it self.

As a result of the reconstruction process after the independence, Namibia is one of Africa’s most stable and competitive investment environments in Africa. The country has a modern market sector and GDP is higher among developing countries.

The city, Windhoek, reminds the calmness of Geneva. People welcome the visitors in English, the official language. The fabulous landscapes and excellent infrastructures guarantee a pleasant business trip. Safe and prosperous, Namibia combines the traditions of Africa with world class business society.

Since 1990, the Namibian Government adopted free market principles, seeking commercial development and full employment. Foreign investment has suitable legal frame, by the liberal Foreign Investment Act of 1990.

Among other relevant IO memberships, Namibia belongs to the Southern African Customs Union (SACU) with South Africa, Botswana, Lesotho, and Swaziland. Within SACU, no tariffs exist on goods produced in and moving among the member states. Namibia has integrated as well the Common Monetary Area (CMA) comprising Lesotho, Swaziland, and South Africa.

ECONOMY

The 2007 GDP estimated is $6.707 billion, with an estimate real growth rate of 4.5%. Most of these results are driven by the mining sector. However World Tourism Council rated Namibia as the eighth fastest growing tourism economy. From an insider point of view tourism is likely to become the first economic sector by 2015.

Namibia's exports consist mainly on diamonds and other minerals, fish products, beef and meat products, grapes and light manufactures.

Namibia maintains historical tight commercial relations with South Africa. The country is seeking to diversify its trading relationships away from its heavy dependence on South African goods and services.

OIL AND GAS

Oil explorations are progressing well in Namibia according to the Minister of Mines and Energy, Hon. Erkki Nghimtina. Activities carried out include seismic surveys, geochemical sampling and integrated approaches towards oil and gas exploration.

On 2007 the Kudu-9 well was drilled by Tullow, further more, on 2008, INA will conclude the acquisition of 500km of 2D seismic lines onshore in the Nama basin. The first ever well, at the Namibe basin, will be drilled soon by Sintezneftegaz.

There are currently fifteen petroleum exploration licences and one production license valid in Namibia. Foreign companies actively involved in oil and gas exploration come from the USA, Russia, UK, Ireland, South Africa, Croatia and Japan.

MINING

The Namibian Government is promoting investment in mineral prospecting. The mining sector highlights for investors are:

• Fourth largest exporter of non-fuel minerals in Africa
• Layers of Copper, Tungsten, Zinc, Lead, Silver & Gold
• World's fifth largest producer of Uranium
• Rich alluvial diamond deposits : 40% of GDP

ELECTRICITY

Namibia is encouraging potential investors to develop the electricity generation sector. Further more, the Government is encouraging Independent Power Producers to participate in the electricity supply industry to ensure reliable supply of electric energy.

The hydro graphic resources are limited by geo-political circumstances, nevertheless, alternatives energies projects such wind or solar are likely to succeed.

TOURISM

Tourism is an important employment generator in Namibia, particularly in the rural areas where most tourist activities occur. Tourism contributes to Namibia’s national economy through the provision of diverse services including accommodation, restaurants, transport, entertainment and financial services.

In general there has been rapid growth in Namibia’s tourism sector during the past 7 years. It is predicted that within a few years, particularly in the advent of internationally acclaimed activities such as the world cup coming to South Africa in 2010, tourism will become the leading economic sector in the country.

TELECOMUNICATIONS

The drafting of the Communication Bill will be tabled in the National Assembly on 2008. This is a clear effort on liberalising the sector. Among other relevant measures, a communication authority will be set up