President Netumbo Nandi-Ndaitwah wants the newly established Namibia-South Africa Business Council to turn the tide on the widening trade imbalance by driving shared investment between the two countries.
The council follows the signing of a formal agreement between the Chambers of Commerce and Industry of Namibia and South Africa, creating a permanent platform to strengthen private sector-led economic growth.
The Business Council takes shape as Namibia imports nearly twice as much from South Africa as it exports.
Annual trade between the two countries stands at about 86 billion dollars.
Namibia imports goods worth roughly N$57.8 billion from South Africa, while exports total about N$29.2 billion, leaving the country with a significant trade deficit.
President Nandi-Ndaitwah believes the Business Council will steer investment into sectors that support government development priorities while building a more balanced trading relationship.
" an economy which is interlinked, we must make sure that we have a balanced development whereby now the value chain through value addition will be what we have advanced to do. That's why we say the South African business people should come and invest in manufacturing in the Namibian economy. The Namibian business people could also go and invest in the South African economy. The main idea is to have a balanced shared prosperity."
Upgrading logistics and transport infrastructure is central to the partnership, particularly the strategic Trans-Kalahari, Trans-Caprivi, Trans-Kunene and Trans-Orange corridors.
These are to improve regional connectivity and unlock opportunities under the African Continental Free Trade Area.
"They focused on three key areas, which are energy and green hydrogen. The second one is industry and manufacturing, where now they are saying they should put up manufacturing plants in both countries, that is, Namibia and South Africa, so that Namibia and South Africa can become a hub for the region, for Africa, and for the international community."
The Namibia-South Africa Business Council was formalised on the margins of the recently concluded fourth session of the BNC between the two countries.