Namibia's exports to Japan are notably lower than its imports, as disclosed by the Minister of Trade, Lucia Iipumbu.

Exports amounted to N$90 million, while imports reached N$1.4 billion.

It is against this background that Namibia and Japan signed various agreements, including one to improve the balance of trade.

A number of sectors have been identified, which could culminate in a possible joint commission of cooperation between the two countries.

Namibia's Ministry of Mines and Energy also signed letters of intent with Japan's Ministry of Economy, Trade, and Industry.

Japan is interested in the development of critical rare earth elements through the signing of a letter of intent between the Japan Organisation for Metals and Energy Security and Namibia's Epangelo company.

The government also entered into a letter of intent with Mizuho, Japan's foremost financial institution, catering to both retail and institutional business requirements.

Hyphen Hydrogen and Itochu, a company engaged in the trading of diverse products including machinery, metals, minerals, energy, and chemicals, also signed a memorandum of understanding.

This MoU will enable both parties to establish areas of collaboration.