EGS EYES U$1Billion WORTH OF INVESTMENTS FOR THE 2DAY SUMMIT

Namibia, which is hosting a two-day economic summit July 31 to August 1, expects to attract at least $1 billion worth of investments over the next two years.

The summit, themed “Economic Revival for Inclusive Growth—Strengthening the Namibian House”, is expected to play a role in reviving the Namibian economy, creating jobs and attracting investments.

The summit will also seek to promote Namibia as an investment and tourist destination and identify and remove bottlenecks that are slowing the growth of local economy, according to the Ministry of Information and Communications Technology.

The summit, which is being organized by the high-level panel on the Namibian economy, targets local, regional and international investors, the private sector, development partners, financial institutions, industry leaders, the youth and organized labor. About 600 delegates from across the country, Africa and the world will be invited to attend the event.

The summit features panel discussions on topical issues, including fight against poverty, inequality and unemployment.

Namibia’s economy will mildly contract again in 2019 due to poor rains and reduced diamond production but economic growth will return in 2020, the International Monetary Fund said this month.

Namibia’s central bank had said in April economic growth would be about 0.3% in 2019 after contractions in 2018 and 2017.


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HIGH LEVEL ECONOMIC PANEL TO HOST TWO-DAY SUMMIT AS CATALYST FOR RETURNING TO GROWTH

ECONOMIC GROWTH SUMMIT

The High Level Panel on the Namibian Economy has embarked on its first major public event announcing that it will host an economic growth summit at the end of this month.

Panel Chairman, Mr Johannes Gawaxab of EOS Capital, stated that the High Level Panel has been tasked to identify opportunities for economic recovery and mass employment creation by leveraging private sector capital.

“An immediate deliverable for this Panel will be to coordinate the hosting of a two-day Economic Growth Summit. The summit will take place on the 31st July – 01st August 2019 at the Safari Court and Conference Centre in Windhoek,” he said.

The summit’s immediate goal is to restore business confidence which it hopes to achieve by an undertaking from the government that it will provide policy clarity on pending issues so that investors know where they stand in terms of investment risk. It is envisaged that this announcement will be made at the summit.

Furthermore, the summit will serve as a kickstarter for the US$ 1 billion in new investments that the High Level Panel has set itself as a target to achieve over the next 24 months

Under the theme “Economic Revival for Inclusive Growth – Strengthening the Namibian House” the summit is a private sector led initiative hosted and coordinated by the Panel. Therefore, the summit will be entirely funded by the private sector. “Important to note that the preparations for the summit are currently in full swing and we will be ready to host our local, regional and international participants by the given dates.”

The organising committee has set a budget of N$3 million for the two-day summit, indicating its conservative approach since the previous Economic Investment Forum cost around N$11 million.

Day One will consist of two plenaries and various breakaway sessions. Plenary 1 will unpack the theme “Economic Revival for Inclusive Growth – Strengthening the Namibia House,” while Plenary 2 will dissect infrastructure development as a key enabler for industrialisation and further economic development.

In the breakaway sessions, the most important debates will cover employment creation, the utilisation of natural resources, the role of Public Private Partnerships, ways to supply affordable housing, strategies to promote manufacturing, promoting Namibia as a preferred investment and tourism destination, the provision of affordable energy, means to address the recurring water crises and growth opportunities that arise from regional integration.

The summit will be officially opened by the President, HE Dr. Hage Geingob, on 31 July 2019.

Posted by  – The Namibian Economist | Jul 1, 2019