Revised Namibia investment law to be operational this year

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Sharon Kavhu

Windhoek - A revised Namibia Investment Promotion Act of 2016, which is in the legal drafting form to mobilise and attract domestic and foreign investment for the country’s economic development, is likely to be operational before year end, Namibian President Hage Geingob has said.

The law was first enacted in 2016 as the Namibian Investment Promotion Act (NIPA) of 2016 (Act No. 9 pf 2016) to provide for the promotion of sustainable economic development and growth through the mobilisation and attraction of foreign and domestic investment to enhance economic development, reduce unemployment, accelerate growth and diversify the economy. 

The Act was also meant to provide for reservation of certain economic sectors and business activities to certain categories of investors, to provide for dispute resolution mechanisms involving investment and provide for incidental matters .

Speaking during the official opening of the Namibia Economic Growth Summit on Wednesday, Geingob said the promulgation of the Act was put on hold to accommodate broader inputs by the private sector.

“Substantive amendments were effected to address concerns raised, such as that the Act was cumbersome and too bureaucratic and defeating its intended purpose as an instrument to promote investment. Government has finalised revisions and the Bill will be tabled to the Cabinet Committee on Legislation and thereafter Cabinet before proceeding to Parliament. The Act could be operational by end of this financial year,” said Geingob.

He said NIPA was an essential catalyst for economic growth and it was against this background that his government sought to revise the investment legislation, with a view to mobilising and attracting domestic and foreign investment for economic development of his country.

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