A plan to start a Special Economic Zone (SEZ) in Namibia is expected to be implemented next month, Namibian Minister of Industrialization, Trade and SME Development Tjekero Tweya said on Thursday.
The move is meant to drive investment in the coastal town of Walvis Bay which harbors the country’s port facility.
“We are left with only a few logistics on the policy itself which we are finalizing between the Ministry of Finance and the Ministry of Industrialization,” Tweya told Xinhua. “Once that is ironed out we will be ready to make an announcement and start implement.”
“The SEZ touches on the existing laws like your tax income laws and all others, so we just want to finish those discussions internally within the two ministries. The discussions may take a month or so,” he said.
Namibia has been finding ways of creating a favorable investment environment in the coastal town to attract foreign capital.