Namibia is no longer going to export raw materials and will push to add value locally.

This was said by President Hage Geingob when he opened the first-ever EU-Namibia Business Forum in the Belgian capital, Brussels.

He says Namibia dedicates itself to improving the sustainability of the extractive industry and developing local processing, refining, recovery, and recycling capacity.

Namibia's economy is intricately linked to the extraction and processing of minerals for export, which contributes significantly to the gross domestic product and foreign exchange earnings.

The President told the EU-Namibia business gathering that raw exports of minerals do not answer the question of unemployment and other socio-economic challenges facing the country.

The approach to local value addition, on the other hand, has the potential to underpin sustainable, clean, and inclusive economic growth while also fostering domestic resource mobilisation, economic diversification, and deeper linkages to the broader economy.

As a result, the collaboration with the EU has been aligned with the National Development Plans, Vision 2030, National Industrial Policy, Growth at Home Strategy, the SADC Protocol on Industry, and the Mineral Beneficiation Strategy for Namibia.

"The Namibian government is committed to a shared partnership that is transparent. Namibia is committed to a partnership with business that is anchored in the rule of law and our practice of effective governance, buttressed by robust processes, systems, and institutions," said Geingob.

The European Union recognises renewable hydrogen as a critical and necessary ingredient to decarbonise hard-to-abate sectors, including heavy industry and transport.

It is also looking to reduce dependence on fossil fuels like oil and gas, owing to the surge in prices and uncertainties posed by the Russia-Ukraine conflict.

Namibia and the EU have a partnership agreement in place on sustainable raw material value chains and renewable hydrogen, entered into in 2022.

The partnership seeks to support the development of renewable energy sources, taking into account their contribution to energy security and trade and investment in resilient raw materials.