Namibia is located in the south-western corner of Africa and shares borders with Angola, Zambia, Botswana and South Africa to the south. It is a country of breathtaking contrasts with golden dunes, rich ocean currents, wide-open unspoilt lanscapes and abundant wild life.
This democracy is fast becoming a dyanmic economy on the continent. As a nation, however, Namibia is relatively young, having gained its independence after prolonged struggles only on 21 March 1990. The country has since then proven to be a peaceful, politically stable and vibrant society, boasting with modern facilities, clean towns, well developed infrastructure and rich mineral resources. With more than 13 ethnic groups and languages, Namibia is a success story in a continent that is often viewed with sceptisism.
Since independence, the Namibian Government has pursued free-market economic principles designed to promote commercial development and job creation to bring disadvantaged Namibians into the economic mainstream. Namibia’s economy consists primarily of mining and manufacturing, which represent 74% and 11% of the Gross Domestic Product (GDP) respectively. Namibia’s economy is closely tied to South Africa’s due to their shared history.
Namibia is the fourth largest exporter of non-fuel minerals in Africa, and the world’s fifth largest producer of uranium. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten. Given its small domestic market but favorable location and a superb transport and communications base, Namibia is a leading advocate of regional economic integration.
In addition to its membership in the Southern African Development Community (SADC), Namibia presently belongs to the Southern African Customs Union (SACU) with South Africa, Botswana, Lesotho, and Swaziland. Within SACU, no tariffs exist on goods produced in and moving among the member states.
Over 80% of Namibia’s imports originate in South Africa, and many Namibian exports are destined for the South African market or transit that country. Outside of South Africa, the EU (primarily the U.K. and Spain) is the chief market for Namibian exports. Namibia’s exports consist mainly of diamonds and other minerals, fish products, beef and meat products, grapes and light manufactures.
Under the U.S. African Growth and Opportunity Act (AGOA), apparel exports are rapidly growing. Namibia is ruled by a Multiparty Parliament and has a democratic Constitution that is highly regarded by the international community. The Government’s policy of national reconciliation and unity embraces the concepts of tolerance, respect for differing political views, and racial and ethnic harmony.
As a republic, Namibia is also a secular state garanteeing the freedom of religion and media. It is divided into 13 administrative regions incl.: Zambezi, Erongo, Hardap, //Karas, Khomas, Kunene, Ohangwena, Kavango East, Kavango West,Omaheke, Omusati, Oshana, Oshikoto, Otjozondjupa. The constitution provides for the private ownership of property and for human rights protections, and states that Namibia should have a mixed economy and encourage foreign investment. Namibia is a member state of the United Nations (UN), the Southern African Development Community (SADC), the African Union (AU), and the Commonwealth of Nations.
Why Invest in Namibia
- Namibia is often described as Africa’s optimist. It enjoys a stable peaceful and politically stable environment.
- It has modern infrastructure that rivals many developed countries.
- It has an abundance of natural resources, incl. diamonds and uranium, copper, lead, zinc, gold, semi-precious stones, industrial minerals, salt and fluorspar.
- It has rich fishing grounds, both demersal and pelagic species. It is among the top 10 nations in the international fishing sector.
- It has a divesre agricultural sector incl. a thriving red meat industry and the cultivation of crops such as maize, wheat, pearl millet, groundnuts, beans and cotton.
- It’s Tourism sector continues to be a booming industry.
- It has preferential trade links to the 190 million inhabitants of the Southern African Development Community (SADC) as one of the 14 member states.
- It belongs to the Southern African Customs Union (SACU) affording duty and quota free access to the South African market and others.
- It is signatory to the Cotonou Agreement, giving duty free access to the European Union for a wide range of manufactured and agricultural products.
- It has duty and quota free access to the lucrative US market under the Africa Growth and Opportunity Act (AGOA).
- It offers among the attractive fiscal incentives in Africa via its Export Processing Zone (EPZ) regime.
- It has a wealth of attractions and advantages for foreign-owned companies looking for business opportunities.
- It has an advantageous legislative and fiscal environment and a government keen to foster economic growth and prosperity.