Tabling of Investment Promotion Bill nears

Breadcrumb

Final preparations for the tabling of the long-awaited Investment Promotion Bill in the National Assembly are in full swing.

The Minister of Industrialisation and Trade, Lucia Iipumbu, says the Bill and accompanying regulations and policies will be tabled during the second quarter of the year.

The policy on the Special Economic Zone will also be tabled.

In November 2021, it was withdrawn from the National Assembly after it was tabled in that legislature chamber. 

Interference in labour disputes a concern

Breadcrumb

The Minister of Industrialisation and Trade, Lucia Iipumbu, is concerned about the interference by some political parties and pressure groups in labour disputes.

Iipumbu emphasises the importance of utilising established channels and advocates for a collabourative stance when dealing with labour issues.

She believes that adopting a cooperative approach is more likely to yield positive results than unilateral actions that may aggravate the situation and lead to job losses.

Trade Ministry to waive N$275 million in penalties 

Breadcrumb

The Minister of Industrialization and Trade, Lucia Iipumbu, has introduced a relief programme to waive a staggering N$275 million in penalties accumulated by non-compliant businesses from 2012 to 2022.

The announcement comes after thorough consultations with key stakeholders, including the Office of the Attorney General and the Ministry of Finance and Public Enterprises.

The Bipa Annual Duty Penalty Waiver Programme aligns with the guidelines laid out in the Business and Intellectual Property Authority Act number 8 of 2016 and has received the nod from Cabinet.

MTI calls for the creation of informal traders' information storage database

Breadcrumb

The Minister of Industrialization and Trade has called for the creation of a database storing information on informal sector traders.

Lucia Iipumbu says her ministry finds it difficult to get hold of those in charge of micro, small, and medium enterprises when reaching out to them with various opportunities.

Namibia, South Africa look at maximising trade

Breadcrumb

The business communities from Namibia and South Africa held their first-ever business forum with the aim of deepening their economic ties.

The Minister of Industrialization and Trade, Lucia Iipumbu, is concerned about the unequal trade between the two countries, with South Africa dominating the partnership.

South Africa remains one of Namibia's main trading partners, with exports standing at 27%. On average, trade relations between the two countries reflect a trade balance of N$30 billion in favour of South Africa.

Investment Promotion, Facilitation Bill to attract investments

Breadcrumb

The Minister of Industrialisation and Trade, Lucia Iipumbu, is confident that the Investment Promotion and Facilitation Bill, once it becomes law, will attract, retain, and facilitate both domestic and foreign sustainable investments.

Iipumbu said this during a stakeholder consultation meeting on the Investment Promotion and Facilitation Bill.

13th Eenhana Expo opens

Breadcrumb

The government believes that investments and trade activities, especially in the manufacturing, farming and agro-processing business sectors are fundamental to economic growth.

This was said by the Minister of Industrialisation and Trade, Lucia Iipumbu when she officially opened the 13th Eenhana Expo in Ohangwena region.

The expo is being held under the theme: "Reviving Local Economy Rhrough Business Resilience, Innovation and Diversification "

NIPDB hosts 'Invest in Namibia' session at Russia-Africa Summit

Breadcrumb

Foreign investors have been urged to approach the Namibian government if they have specific incentives they want to be considered before investing in Namibia.

This was said by the Chief Executive Officer of the Namibia Investment Promotion and Development Board (NIPDB), Nangula Uaandja, at the ‘Invest in Namibia’ session at the Russia-Africa Summit in St. Petersburg.

Namibia is promoting tourism, logistics, energy, and agriculture at the 2nd Russia-Africa Summit as key sectors to attract and retain investments and partnerships.

Fines should correspond to offence - Lucia Iipumbu

Breadcrumb

A heated debate unfolded in the National Assembly over the proposed amendments to penalties for companies failing to comply with regulations related to the maintenance of beneficial ownership records.

The amendments suggest a fine exceeding N$10 million or imprisonment for a period not exceeding 10 years, or both, for offences committed knowingly.

In response to concerns about the proportionality of the penalties, the Minister of Trade and Industrialization, Lucia Iipumbu, reiterated that the maximum penalty of N$10 million did not imply a one-size-fits-all approach.