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Govt willing to consider incentives allowances

Investors willing to invest in Namibia, but who are looking for incentives, can approach the government to have their requests considered while the country is finalising its incentives legislation.

This was said by Namibia Investment Promotion and Development Board (NIPDB) chief executive officer Nangula Uaandja while answering questions at the Invest in Namibia session at the Russia-Africa Summit, currently underway in St Petersburg.

Uaandja said should an investor have a feasible project that would make sense with incentives, the Ministry of Industrialisation and Trade, the Ministry of Finance and Public Enterprises, and the NIPDB, will consider the request to see how it could be implemented.

She said part of these calls by investors are also what is considered in the finanlisation of the special economic zone legislation that is expected to be tabled before parliament in 2024.

Updating investors on the special economic zone legislation expected to give preference in terms of incentives to certain companies involved mainly in the export and manufacturing space, trade minister Lucia Iipumbu said the policy underpinning the law has already been approved by Cabinet.

“We are at an advanced stage, and the act is also completed, and will be in parliament by the end of the current fiscal year, which is about March or April (2024),’ she said.

At the session, Uaandja promoted Namibia’s tourism, energy, logistics and agriculture potential to a group of investors, which she said will work best for “exports”.

Members of parliament, including the Popular Democratic Movement’s Vipuakuje Muharukua, former finance deputy minister Natangwe Ithete, and director of the National Planning Commission Obeth Kandjoze, were also in attendance.

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