Photo: Namibia Embassy in Egypt
By: Dwight Links
After years of push and pull, deliberation and redrafting, the much-touted Investment Promotion and Facilitation Bill has reached Parliament’s floor to be debated by lawmakers.
The Bill has been the most cited as one causing uncertainty to foreign investors, while local investors eagerly wait for it due to its guidance on where foreign capital must be deployed.
The Investment Promotion and Facilitation Bill provides for the administration of investments in Namibia.
It will provide guidance and oversight on foreign investment and also measure impact.
There is currently an outcry from local entrepreneurs who are being crowded out in various sectors such as distribution and retail, calling for foreign investment to go into other sectors that locals are struggling to penetrate.
The Bill aims to provide for the designation of economic sectors and business activities for foreign investment.
Furthermore, it will provide guidelines for facilitation and monitoring of investments and for investor rights.
The Bill will also cement the establishment of the Investment Promotion Agency of Namibia.
Beyond facilitation, the Bill will also provide eligibility for investment incentives and investors’ obligations.
Moreover, it will provide avenues to resolve investment disputes.
It will repeal the Foreign Investment Act, 1990 and the Namibia Investment Promotion Act, 2016; and to provide for incidental matters.
Commenting on the tabling of the Bill, Parliamentarian Ferdinand Hengobe contributed to the Bill that the country does need investment in various forms; however, he flagged the cost of doing business in Namibia.
At the same time, he recognised the legitimate objective of empowering Namibians to participate meaningfully in the national economy.
Hengobe called for the Bill to have clear, defined ministerial powers and transparent decision-making criteria, independent review mechanisms and effective parliamentary oversight.
