Investment Bill nearing finalisation
Economist worries it grants govt 'too much power'
Once enacted, the bill is envisaged to create a conducive business environment.
The Namibia Investment Promotion and Facilitation Bill is nearing finalisation and will undergo consultation before it is enacted, industrialisation minister Lucia Iipumbu said during a recent workshop.
“The ministry of trade has been working around the clock to finalise the new Investment Act, which is currently undergoing final consultative engagements. We are committed to finalise this process to ensure that Namibia addresses the policy gap when it comes to the investment environment to avoid investor uncertainty,” she said.
Once enacted, the bill is envisaged to create a conducive business environment.
“The new investment policy regime will therefore enhance a conducive business environment in Namibia to fully leverage new investment strategies pertaining to renewable energies and resuscitate the economy within an updated investment legislative and policy framework.”
Too much power
Namibia Chamber of Commerce and Industry (NCCI) representative Vetumbuavi Mungunda welcomed the bill, saying it would bring policy certainty.
“Investors want policy certainty. They want to know what the rules of the game are, and they want to factor those risks into their business decision-making, so it is important that we know the rules of the game.”
Cirrus Capital economist Robert McGregor was, however, dismissive of the bill, saying it granted too much power to government.
“In its current form, it grants far too much power to government over the entire economy, especially to the minister,” he said.
Meant to drive investment, the bill would do the opposite, according to him.
“There is very little in the way of accountability, and frankly, in this form, it will be an anti-investment bill. Trade and investment is not a zero sum game, and in this form, it will be an anti-investment bill."
“The ministry of trade has been working around the clock to finalise the new Investment Act, which is currently undergoing final consultative engagements. We are committed to finalise this process to ensure that Namibia addresses the policy gap when it comes to the investment environment to avoid investor uncertainty,” she said.
Once enacted, the bill is envisaged to create a conducive business environment.
“The new investment policy regime will therefore enhance a conducive business environment in Namibia to fully leverage new investment strategies pertaining to renewable energies and resuscitate the economy within an updated investment legislative and policy framework.”
Too much power
Namibia Chamber of Commerce and Industry (NCCI) representative Vetumbuavi Mungunda welcomed the bill, saying it would bring policy certainty.
“Investors want policy certainty. They want to know what the rules of the game are, and they want to factor those risks into their business decision-making, so it is important that we know the rules of the game.”
Cirrus Capital economist Robert McGregor was, however, dismissive of the bill, saying it granted too much power to government.
“In its current form, it grants far too much power to government over the entire economy, especially to the minister,” he said.
Meant to drive investment, the bill would do the opposite, according to him.
“There is very little in the way of accountability, and frankly, in this form, it will be an anti-investment bill. Trade and investment is not a zero sum game, and in this form, it will be an anti-investment bill."
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