NIPDB attracts N.dollars 2.8 billion by March 2023

The Namibia Investment Promotion and Development Board (NIPDB) has attracted investments valued at N.dollars 2.8 billion by March 2023.

Speaking at a media briefing of NIPDB’s First 500 Days here on Thursday, Chairperson and Chief Executive Officer Nangula Uaandja said the board has attracted possible investors worth N.dollars 95.3 billion, however by March 2023 only N.dollars 2.8 billion is in operation.

She revealed that investors valued at N.dollars 38.8 billion have expressed a final decision of which N.dollars 24.1 billion capital has been deployed.

Uaandja explained the board has identified 10 sectors for investment, which includes renewable energy, the food industry, tourism and mining.

“We are not going to say we will make every Namibian rich, however it is up to every Namibian to take advantage of the opportunities as we are working together with the public sector, private sector and civil society to make sure that we create an enabling environment for both local and foreign investors,” she said.

She further revealed the board is experiencing challenges in terms of what investors are looking for such as sourcing of local raw materials, low labour and input costs, low taxes, physical infrastructure, political stability, and talent and skills.

“Unemployment and inequality is what keeps us awake… we are working 24 hours to make sure how we can make the opportunities that are in Namibia and make sure we support all government efforts to seize those opportunities, through promotion, development, facilitation and investment,” she said.

Source: The Namibian Press Agency