President Hage Geingob says Namibia has attracted foreign direct investment worth N$13.2 billion, or 7.2% of its gross domestic product, during the first nine months of 2022.
Dr. Geingob revealed this when he delivered the State of the Nation Address today (Thursday).
He says FDI attractions have been the highest year-on-year growth Namibia has witnessed since 2015, primarily driven by equity injections for exploration activities following the offshore oil discoveries.
"It is expected that high FDI inflows are likely to continue in 2023 on the back of oil discovery appraisals, coupled with the commencement of the green hydrogen project feasibility study to the tune of N$2.5 billion. This demonstrates growing investor confidence in Namibia. Nevertheless, there is still a need to foster broad-based economic growth across all sectors of the economy. Thus, the government will continue to expedite the implementation of supportive supply-side policies to lessen constraints on economic activities and facilitate the ease of doing business."
The President also outlined that there has been heightened activity in the trading of exclusive prospecting licenses.
The interest has particularly been in developing associated mining assets, especially in the lithium subsector.
Dr. Geingob however cautioned both potential investors that laws will be upheld.
"While we welcome the interest in Namibia's mineral potential, we remind investors, both local and foreign, that Namibia is a jurisdiction that upholds the rule of law. Therefore, actions that are deemed to be in contravention of the laws will be dealt with accordingly."
To incentivize and attract investors with skills and capital, President Geingob says the Namibia Investment Promotion and Development Board is working with the Ministry of Home Affairs to formulate a targeted Golden VISA program.
This golden visa program would also target those with ambitions to set up businesses and residency in Namibia.