Vice President Lucia Witbooi has urged French businesses to invest in Namibia, saying the country has made major progress in diversifying its economy beyond traditional sectors such as mining and agriculture.
Witbooi made the call during a meeting with French businesses and the MEDEFI delegation on yesterday morning in Nairobi, Kenya, as part of the side events of the ongoing Africa Forward Summit.
Addressing business leaders from both countries, Witbooi said Namibia is positioning itself as one of the leading investment destinations in sub-Saharan Africa due to its political stability, good governance and growing economy.
“We have made notable progress in diversifying our economy beyond traditional primary sectors such as mining and agriculture,” she said.
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She highlighted emerging industries such as oil and gas exploration, tourism, manufacturing, digital services, technology and general business services as sectors offering new opportunities for investors.
“The growth of industries like oil and gas exploration and development, tourism, manufacturing, mining, general services, digital and global business services, and technology, has created new investment opportunities in Namibia, with great potential for growth and long-term profitability to prospective investors,” Witbooi said.
She also encouraged French companies to partner with Namibia in value addition to mineral resources instead of exporting raw materials.
The vice president said Namibia is looking for investment in seven priority areas identified by the government. These include agriculture, youth empowerment, sports, creative industries, education, health, and land, housing and sanitation.
“Namibia is a leading investment prospect in sub-Saharan Africa and a fast-growing, prosperous, and peaceful investment destination, with solid good governance and adherence to democratic values,” she said.
Witbooi further called on French companies to build partnerships with Namibian businesses, saying such cooperation could bring mutual economic benefits.
“I wish to encourage you to consider Namibia as your next investment destination. It is my hope that discussions at this event will lead to tangible results for our mutual benefits”, she said.
The meeting also exposed some of the challenges Namibia faces in attracting international investors, with some French business leaders admitting they know little about the country as an investment destination.
Ismail Himdi, Africa director for the French company Intelligence Solaire, said the engagement had opened the eyes of many businesses to opportunities in Namibia.
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“Some colleagues from business, we don’t know Namibia as a business destination. We are really happy that you are here today,” Himdi said.
“We listened to your message and I would be happy, and I think a lot of people around, to come to Namibia to visit you, to see you and to analyse the way that we can work together,” he added.
Himdi said the energy sector, particularly electricity and lighting, could become one of the key areas of cooperation between Namibia and French investors.
The vice president said the Namibia-France business engagement comes at a time when the country is intensifying efforts to attract foreign investment into emerging sectors, especially energy, technology and industrial development.
–ljason@nepc.com.na