President Geingob lays out Namibia’s economic recovery plan

Hage Geingob, Namibia's president, speaks during a plenary session on day two of the 28th World Economic Forum (WEF) on Africa in Cape Town, South Africa, on Thursday, Sept. 5, 2019. The World Economic Forum on Africa meeting runs from 4-6 September. Photographer: Waldo Swiegers/Bloomberg via Getty Images

Namibia’s economic recovery plan will be based on three key goals, says President Hage Geingob.

First, Namibia will update the national fixed asset register. The State-Owned Enterprises (SOE) reform process must be completed. Finally, the country will complete the implementation and seeding of a Sovereign Wealth Fund to better steward natural and public resources.

“After identifying the SOE assets, under the second goal, it will require us to improve the production yield of identified assets, including green schemes and the Neckartal Dam, which look to enhance the productive yield of our agricultural assets,” he added.

According to Geingob, a well-defined partnership between the public and private sector is essential to fully unleash the country’s potential.

“The Public-Private-Partnership framework of 2018 will be a key instrument to preparing projects in excess of 27 billion Namibian Dollars ($1.9 billion) over the period, with an ambition to create more than 42,000 jobs,” he added.

Geingob meanwhile said with the mass employment-generating sectors of agriculture, tourism, hospitality and aviation, construction and retail, and trade hard hit by the drought and COVID-19 pandemic, Namibia must pursue opportunities to foster new engines of growth.

As the world is determined to recover from this economic crisis with a renewed focus on building back, Namibia is uniquely endowed to attract significant investment in the green and blue economy, naturally driven by the country’s marine and renewable energy resources, he added.