Namibia Economy to attract $1bn worth Investments in two years

Namibia is set to attract a $1billion worth of investments over the next two years as it looks to host a two-day economic summit on attracting investments and job creation.

In a statement made by the country’s Ministry of Information and Communications Technology on Wednesday, the economic summit is slated for July 31 and August 1^st  at the capital Windhoek, and is aimed at growing and reviving the Namibian economic sector, creating job opportunities and attracting investment opportunities, the ministry said in a statement.

The summit seeks to project Namibia as an investment and tourist destination as well as identifying and removing bottlenecks that are slowing the growth of the local economy.

The International Monetary Fund predicts that Namibia’s economy, which contracted by 0.8% and 0.1% in 2017 and 2018 respectively, will mildly contract again this year due to poor rains and reduced diamond production.

About 600 delegates from across the country, Africa and the world are expected to attend the summit, which is the first of its kind.

“The summit will provide a platform to showcase growth and investment prospects in the local economy as well as present local and international investors with a portfolio of investment projects in several sectors,” the ministry said.

Namibia’s economy has contracted for the last two years, and the southwest African nation has been ravaged by a drought which the meteorological services estimate to be the deadliest in 90 years.

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