Namibia seeks to lure more investment from China

Namibia's Trade Minister Tjekero Tweya delivers a speech at a seminar on investment opportunities for Chinese businesses in Namibia, in Windhoek, Namibia, on July 19, 2019. Namibia's Ministry of Industrialization, Trade and SME Development together with the Chinese Embassy and other stakeholders hosted the business forum and B2B meetings with a visiting Chinese delegation on Friday in Windhoek. (Xinhua/Wu Changwei)
Namibia’s Trade Minister Tjekero Tweya delivers a speech at a seminar on investment opportunities for Chinese businesses in Namibia, in Windhoek, Namibia, on July 19, 2019. Namibia’s Ministry of Industrialization, Trade and SME Development together with the Chinese Embassy and other stakeholders hosted the business forum and B2B meetings with a visiting Chinese delegation on Friday in Windhoek. (Xinhua/Wu Changwei)

Namibia’s Ministry of Industrialization, Trade and SME Development together with the Chinese Embassy and other stakeholders hosted a business forum and B2B meetings with a visiting Chinese delegation on Friday in Windhoek.

The delegation, led by the Chairperson of China Council for the Promotion of International Trade Gao Yan, also included 30 Chinese business people from different sectors seeking investment opportunities in the country.

Speaking at the event, Gao said the delegation is ready to work with the Namibian businesses in different fields.

The event was attended by a vast number of Namibian businesses who engaged with the delegation through presentations and discussions on the possible avenues for investment.

Namibia’s Trade Minister, Tjekero Tweya at the forum said one of the main focal points of the event is to lure foreign direct investments.

“We are aggressively looking for prosperous export markets for Namibian products/services and this forum has created an ideal platform to do so. Namibia is the right destination to venture into business,” he added.

Tweya said that the forum also offered great potential for Namibian businesses to tap and extract the experience and expertise from the Chinese businesses especially when the African Continental Free Trade Area is launched.

According to Tweya, the outcome of the event should instill local investor confidence in the various sectors of construction, infrastructure, education, tourism, agriculture, tourism manufacturing and mining, among others.

According to data from the Chinese Embassy in Namibia, in 2018, the bilateral trade volume between Namibia and China exceeded 800 million U.S. dollars, a year on year increase of 45 percent which was more than double the growth rate of overall trade with Africa.