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.

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.

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.

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.

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 "

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.

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.

The Minister of Trade and Industrialization, Lucia Iipumbu, has presented two motions in the National Assembly to amend laws and regulations related to the Companies Act of 2004 and Close Corporations.

The Namibia Investment Promotion and Facilitation Bill, if unchanged, will see the introduction of compliance officers to ensure that businesses operate within the confines of the laws.

Speaking at the stakeholders' engagement at Keetmanshoop, the Minister of Trade and Industrialization, Lucia Iipumbu, explained the benefits that come with the bill once it becomes law, as well as the National Consumer Policy and the Liquor Act.

The Minister of Industrialization and Trade, Lucia Iipumbu, has described Namibia's participation at the 53rd General Assembly of the World Trade Centre Association in Accra, Ghana, as a success.

The event was held in Africa for the first time, and the participation of many countries on the continent, including Namibia, has made it all the more spectacular.

Iipumbu commended the government of Ghana for giving Namibia the opportunity to participate in the World Trade Centre Association.