Essential The Africa the Media Doesn't Tell You About
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Um. Ghouls
All Star
Red Shield
Global Domination
british judges wear that shyt.. so you see still it in a bunch of former colonies
Libya: Oil Exports Up by 100% in Three Weeks Thanks to Libyan Oil Experts
in Freight News 11/10/2016
Libyan oil exports have now increased to more than 520,000 bpd since the Libyan National Army took control of all oil terminals in early September when total exports were about 200,000 bpd.
The National Oil Cooperation (NOC) is back to full swing managing the day-to-day oil production and exporting business through its various companies which are spread all over Libya.
On 6 October, 800,000 barrels of oil were loaded on a tanker at Zueitina oil terminal, the first in a few years, and sailed to China marking a beginning of Libya’s return to the oil international oil market.
Libya’s oil officials and experienced technical teams are more than up to the task as they coordinate their efforts in such a hugely vast country.
NOC chairman Mustafa Sanalla visited Wednesday 5 October the oil terminals of Es Sider and Ras Lanuf where he reviewed the ongoing maintenance works in these facilities which will restart loading crude oil on tankers as soon as possible.
Sanalla praised the homegrown oil experts in all companies for their hard work and sacrifices which are making the difference when it comes to putting Libya back to its place in the world oil market.
Speaking to reporters on 13 September as he visited Zuetina oil terminal, two days after it was liberated from militias’ control, Sanalla said “we can raise production to 600,000 b/d within four weeks and to 950,000 b/d by the end of the year from around 290,000 b/d at present”.
Source: The Tripoli Post
Libya: Oil Exports Up by 100% in Three Weeks Thanks to Libyan Oil Experts
in Freight News 11/10/2016
The National Oil Cooperation (NOC) is back to full swing managing the day-to-day oil production and exporting business through its various companies which are spread all over Libya.
On 6 October, 800,000 barrels of oil were loaded on a tanker at Zueitina oil terminal, the first in a few years, and sailed to China marking a beginning of Libya’s return to the oil international oil market.
Libya’s oil officials and experienced technical teams are more than up to the task as they coordinate their efforts in such a hugely vast country.
NOC chairman Mustafa Sanalla visited Wednesday 5 October the oil terminals of Es Sider and Ras Lanuf where he reviewed the ongoing maintenance works in these facilities which will restart loading crude oil on tankers as soon as possible.
Sanalla praised the homegrown oil experts in all companies for their hard work and sacrifices which are making the difference when it comes to putting Libya back to its place in the world oil market.
Speaking to reporters on 13 September as he visited Zuetina oil terminal, two days after it was liberated from militias’ control, Sanalla said “we can raise production to 600,000 b/d within four weeks and to 950,000 b/d by the end of the year from around 290,000 b/d at present”.
Source: The Tripoli Post
Libya: Oil Exports Up by 100% in Three Weeks Thanks to Libyan Oil Experts
What a great twitter handle!
The Odum of Ala Igbo
Hail Biafra!
The Odum of Ala Igbo
Hail Biafra!
Coordinated attacks on Shi'ites across Nigeria. Talk of massacre...
Angry youth attack Shi'a members, torch leader's home in Kaduna - Premium Times Nigeria
Angry youth attack Shi'a members, torch leader's home in Kaduna - Premium Times Nigeria
If this is true then this is surprising.
Ethiopia to overtake Kenya as Eastern Africa’s top economy
Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world’s fastest economies in the past 10 years.
The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from $61.62 billion in 2015 to $69.21 billion this year, narrowly beating Kenya’s output which is expected to rise from $63.39 billion to $69.17 billion over the same period.
“Ethiopia has experienced double-digit economic growth, averaging 10.8 per cent since 2005, which has mainly been underpinned by public-sector-led development,” the African Development Bank, the OECD Development Centre and the United Nations Development Programme say in the latest African Economic Outlook report.
Kenya’s GDP of $14.1 billion in 2000 was 71.6 per cent larger than Ethiopia’s $8.23 billion in the same year but the Horn of Africa nation has closed the economic gap in the last five years of robust growth.
The IMF’s GDP estimates are based on current market prices using exchange rates prevailing between July 22 and August 19.
Having established its economic lead ahead of Kenya, Ethiopia is forecast to maintain its position as Eastern Africa’s largest economy over the medium term — a position that is also expectved to improve its standing as an investment destination.
READ: Kenya's economy expands by 6.2pc in second quarter
Ethiopia’s rise as a regional economic powerhouse has mostly been fuelled by mega public sector investment similar to the Chinese model that has enabled the Asian nation to become the world’s second-largest economy in two decades.
Ethiopia’s investment, as a percentage of GDP, rose sharply from 20.2 per cent in 2000 to 39.2 per cent last year and is expected to hit a new high of 39.2 per cent of the domestic output this year.
While Kenya has also raised its public investments, including on big infrastructure projects, it remains significantly below that of Ethiopia.
Kenya’s investment as a percentage of GDP rose from 18 per cent in 2000 to hit a high of 22.4 per cent in 2014 before receding to 21.2 per cent last year and is projected to rise to 22.5 per cent this year.
Public investments
Ethiopia’s economy is expected to grow further riding on the state-led investment in infrastructure, according to the African Economic Outlook report.
“Public investments are expected to continue driving growth in the short and medium term with huge investments in infrastructure and the development of industrial parks, prioritised to ease bottlenecks to structural transformation, which will still have to take shape with industry playing a significant role in the economy,” the report says.
Ethiopia’s ongoing projects include the $5 billion Grand Renaissance Dam with a generation capacity of 6,000 megawatts, which is expected to earn the country $1 billion annually from electricity sales, including exports.
The Horn of Africa nation recently commissioned a railway linking its capital Addis Ababa to the Red Sea port city of Djibouti, fast-tracking the movement of goods and people across its vast territory.
The railway line is important for land-locked Ethiopia, which uses the port of Djibouti to trade with Europe, Asia and parts of Africa.
Besides, Ethiopia last year also launched a light rail project in Addis Ababa, the first metro service in sub-Saharan Africa.
The Horn of Africa nation’s GDP is set to overtake Kenya’s despite a debilitating drought that has left millions in need of aid this year – and stirred mixed feelings about its development model.
Besides massive government spending, which stimulates economic growth in the Keynesian fashion, Ethiopia has other factors working in its favour in terms of its ability to attract foreign investment.
With a population of nearly 100 million people, Ethiopia offers a large internal market for consumer goods manufacturers and the Addis government has in recent years firmed that up with investor-friendly policies that have attracted manufacturers and established a strong industrial base for the economy.
Though Kenya’s ego may be bruised by its impending toppling from the top perch, it can take pride in the fact that it is the richer economy compared to Ethiopia.
Ethiopia’s GDP per capita stood at $686.5 (Sh69,345) last year and is projected to rise to $758.9 (Sh76,648) this year compared to Kenya’s which stood at $1,434.3 (Sh144,864) in 2015 and is expected to hit $1,521.8 (Sh153,701) this year.
Besides a richer consumer base, Kenya has a relatively more developed financial sector and human resource and is improving its standing as a regional transport and communications hub with access to the sea.
Kenya is also viewed as relatively democratic compared to Ethiopia which remains under authoritarian rule often marked by crackdowns on the press and its own citizens such as the Oromo.
More importantly, Kenya runs a comparatively more open economy, unlike Ethiopia which has closed most sectors of its economy to foreign investors.
The IMF’s GDP forecasts are based on several assumptions such as that established policies of national authorities will be maintained and that the average price of oil will be $42.96 a barrel in 2016 and $50.64 a barrel in 2017 and will remain unchanged in real terms over the medium term.
“The estimates and projections are based on statistical information available through September 16, 2016,” the IMF said.
While Kenya faces the prospects of being overtaken by Ethiopia in absolute economic size, it is expected to maintain a huge lead ahead of other neighbouring countries in the region, including Uganda and Tanzania.
vjuma@ke.nationmedia.com
Ethiopia to overtake Kenya as Eastern Africa’s top economy
I still don't get how unstable ass South Sudan became apart of the EAC, but not Ethiopia?
Ethiopia to overtake Kenya as Eastern Africa’s top economy
Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world’s fastest economies in the past 10 years.
The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from $61.62 billion in 2015 to $69.21 billion this year, narrowly beating Kenya’s output which is expected to rise from $63.39 billion to $69.17 billion over the same period.
“Ethiopia has experienced double-digit economic growth, averaging 10.8 per cent since 2005, which has mainly been underpinned by public-sector-led development,” the African Development Bank, the OECD Development Centre and the United Nations Development Programme say in the latest African Economic Outlook report.
Kenya’s GDP of $14.1 billion in 2000 was 71.6 per cent larger than Ethiopia’s $8.23 billion in the same year but the Horn of Africa nation has closed the economic gap in the last five years of robust growth.
The IMF’s GDP estimates are based on current market prices using exchange rates prevailing between July 22 and August 19.
Having established its economic lead ahead of Kenya, Ethiopia is forecast to maintain its position as Eastern Africa’s largest economy over the medium term — a position that is also expectved to improve its standing as an investment destination.
READ: Kenya's economy expands by 6.2pc in second quarter
Ethiopia’s rise as a regional economic powerhouse has mostly been fuelled by mega public sector investment similar to the Chinese model that has enabled the Asian nation to become the world’s second-largest economy in two decades.
Ethiopia’s investment, as a percentage of GDP, rose sharply from 20.2 per cent in 2000 to 39.2 per cent last year and is expected to hit a new high of 39.2 per cent of the domestic output this year.
While Kenya has also raised its public investments, including on big infrastructure projects, it remains significantly below that of Ethiopia.
Kenya’s investment as a percentage of GDP rose from 18 per cent in 2000 to hit a high of 22.4 per cent in 2014 before receding to 21.2 per cent last year and is projected to rise to 22.5 per cent this year.
Public investments
Ethiopia’s economy is expected to grow further riding on the state-led investment in infrastructure, according to the African Economic Outlook report.
“Public investments are expected to continue driving growth in the short and medium term with huge investments in infrastructure and the development of industrial parks, prioritised to ease bottlenecks to structural transformation, which will still have to take shape with industry playing a significant role in the economy,” the report says.
Ethiopia’s ongoing projects include the $5 billion Grand Renaissance Dam with a generation capacity of 6,000 megawatts, which is expected to earn the country $1 billion annually from electricity sales, including exports.
The Horn of Africa nation recently commissioned a railway linking its capital Addis Ababa to the Red Sea port city of Djibouti, fast-tracking the movement of goods and people across its vast territory.
The railway line is important for land-locked Ethiopia, which uses the port of Djibouti to trade with Europe, Asia and parts of Africa.
Besides, Ethiopia last year also launched a light rail project in Addis Ababa, the first metro service in sub-Saharan Africa.
The Horn of Africa nation’s GDP is set to overtake Kenya’s despite a debilitating drought that has left millions in need of aid this year – and stirred mixed feelings about its development model.
Besides massive government spending, which stimulates economic growth in the Keynesian fashion, Ethiopia has other factors working in its favour in terms of its ability to attract foreign investment.
With a population of nearly 100 million people, Ethiopia offers a large internal market for consumer goods manufacturers and the Addis government has in recent years firmed that up with investor-friendly policies that have attracted manufacturers and established a strong industrial base for the economy.
Though Kenya’s ego may be bruised by its impending toppling from the top perch, it can take pride in the fact that it is the richer economy compared to Ethiopia.
Ethiopia’s GDP per capita stood at $686.5 (Sh69,345) last year and is projected to rise to $758.9 (Sh76,648) this year compared to Kenya’s which stood at $1,434.3 (Sh144,864) in 2015 and is expected to hit $1,521.8 (Sh153,701) this year.
Besides a richer consumer base, Kenya has a relatively more developed financial sector and human resource and is improving its standing as a regional transport and communications hub with access to the sea.
Kenya is also viewed as relatively democratic compared to Ethiopia which remains under authoritarian rule often marked by crackdowns on the press and its own citizens such as the Oromo.
More importantly, Kenya runs a comparatively more open economy, unlike Ethiopia which has closed most sectors of its economy to foreign investors.
The IMF’s GDP forecasts are based on several assumptions such as that established policies of national authorities will be maintained and that the average price of oil will be $42.96 a barrel in 2016 and $50.64 a barrel in 2017 and will remain unchanged in real terms over the medium term.
“The estimates and projections are based on statistical information available through September 16, 2016,” the IMF said.
While Kenya faces the prospects of being overtaken by Ethiopia in absolute economic size, it is expected to maintain a huge lead ahead of other neighbouring countries in the region, including Uganda and Tanzania.
vjuma@ke.nationmedia.com
Ethiopia to overtake Kenya as Eastern Africa’s top economy
I still don't get how unstable ass South Sudan became apart of the EAC, but not Ethiopia?
im confused, how is Ethiopia 's economy larger? Are they measuring by GDP?If this is true then this is surprising.
Ethiopia to overtake Kenya as Eastern Africa’s top economy
Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world’s fastest economies in the past 10 years.
The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from $61.62 billion in 2015 to $69.21 billion this year, narrowly beating Kenya’s output which is expected to rise from $63.39 billion to $69.17 billion over the same period.
“Ethiopia has experienced double-digit economic growth, averaging 10.8 per cent since 2005, which has mainly been underpinned by public-sector-led development,” the African Development Bank, the OECD Development Centre and the United Nations Development Programme say in the latest African Economic Outlook report.
Kenya’s GDP of $14.1 billion in 2000 was 71.6 per cent larger than Ethiopia’s $8.23 billion in the same year but the Horn of Africa nation has closed the economic gap in the last five years of robust growth.
The IMF’s GDP estimates are based on current market prices using exchange rates prevailing between July 22 and August 19.
Having established its economic lead ahead of Kenya, Ethiopia is forecast to maintain its position as Eastern Africa’s largest economy over the medium term — a position that is also expectved to improve its standing as an investment destination.
READ: Kenya's economy expands by 6.2pc in second quarter
Ethiopia’s rise as a regional economic powerhouse has mostly been fuelled by mega public sector investment similar to the Chinese model that has enabled the Asian nation to become the world’s second-largest economy in two decades.
Ethiopia’s investment, as a percentage of GDP, rose sharply from 20.2 per cent in 2000 to 39.2 per cent last year and is expected to hit a new high of 39.2 per cent of the domestic output this year.
While Kenya has also raised its public investments, including on big infrastructure projects, it remains significantly below that of Ethiopia.
Kenya’s investment as a percentage of GDP rose from 18 per cent in 2000 to hit a high of 22.4 per cent in 2014 before receding to 21.2 per cent last year and is projected to rise to 22.5 per cent this year.
Public investments
Ethiopia’s economy is expected to grow further riding on the state-led investment in infrastructure, according to the African Economic Outlook report.
“Public investments are expected to continue driving growth in the short and medium term with huge investments in infrastructure and the development of industrial parks, prioritised to ease bottlenecks to structural transformation, which will still have to take shape with industry playing a significant role in the economy,” the report says.
Ethiopia’s ongoing projects include the $5 billion Grand Renaissance Dam with a generation capacity of 6,000 megawatts, which is expected to earn the country $1 billion annually from electricity sales, including exports.
The Horn of Africa nation recently commissioned a railway linking its capital Addis Ababa to the Red Sea port city of Djibouti, fast-tracking the movement of goods and people across its vast territory.
The railway line is important for land-locked Ethiopia, which uses the port of Djibouti to trade with Europe, Asia and parts of Africa.
Besides, Ethiopia last year also launched a light rail project in Addis Ababa, the first metro service in sub-Saharan Africa.
The Horn of Africa nation’s GDP is set to overtake Kenya’s despite a debilitating drought that has left millions in need of aid this year – and stirred mixed feelings about its development model.
Besides massive government spending, which stimulates economic growth in the Keynesian fashion, Ethiopia has other factors working in its favour in terms of its ability to attract foreign investment.
With a population of nearly 100 million people, Ethiopia offers a large internal market for consumer goods manufacturers and the Addis government has in recent years firmed that up with investor-friendly policies that have attracted manufacturers and established a strong industrial base for the economy.
Though Kenya’s ego may be bruised by its impending toppling from the top perch, it can take pride in the fact that it is the richer economy compared to Ethiopia.
Ethiopia’s GDP per capita stood at $686.5 (Sh69,345) last year and is projected to rise to $758.9 (Sh76,648) this year compared to Kenya’s which stood at $1,434.3 (Sh144,864) in 2015 and is expected to hit $1,521.8 (Sh153,701) this year.
Besides a richer consumer base, Kenya has a relatively more developed financial sector and human resource and is improving its standing as a regional transport and communications hub with access to the sea.
Kenya is also viewed as relatively democratic compared to Ethiopia which remains under authoritarian rule often marked by crackdowns on the press and its own citizens such as the Oromo.
More importantly, Kenya runs a comparatively more open economy, unlike Ethiopia which has closed most sectors of its economy to foreign investors.
The IMF’s GDP forecasts are based on several assumptions such as that established policies of national authorities will be maintained and that the average price of oil will be $42.96 a barrel in 2016 and $50.64 a barrel in 2017 and will remain unchanged in real terms over the medium term.
“The estimates and projections are based on statistical information available through September 16, 2016,” the IMF said.
While Kenya faces the prospects of being overtaken by Ethiopia in absolute economic size, it is expected to maintain a huge lead ahead of other neighbouring countries in the region, including Uganda and Tanzania.
vjuma@ke.nationmedia.com
Ethiopia to overtake Kenya as Eastern Africa’s top economy
I still don't get how unstable ass South Sudan became apart of the EAC, but not Ethiopia?
GE Confirms Interest in $2bn Nigeria Railway Concession
October 12, 2016
Eromosele Abiodun
U.S. conglomerate, General Electric (GE), has confirmed that it has a “keen interest” in acquiring a Nigeria railway concession project worth around $2 billion.
President Muhammadu Buhari had during his independence broadcast to the nation disclosed that GE would be investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of the country’s railways.
“On railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos-Kano railway.
“General Electric is investing two point two billion USD in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line. The Lagos-Calabar railway will also be on stream soon,” the president had said.
Confirming the $2 billion investment yesterday, GE, in a statement to Reuters, said: “Given the size and scope of the proposed project, it is likely that the debt and equity commitments required from lenders, consortium partners and other co-developers will be in the range of $2 billion or more.”
It said the concession was in the formal procurement process.
Nigeria has been looking for partners to overhaul its aging railway system, which was mainly built by British colonial rulers before the country’s independence in 1960.
The country has also signed two deals worth around $5 billion with China Civil Engineering Construction Corp (CCECC), part of China’s state-owned railway construction firm, to modernise and build railways in the north and south of the country, the Ministry of Transportation said last month.
Growth in Nigeria – an OPEC member country whose economy has slipped into recession for the first time in more than 20 years after being hammered by low oil prices – has been stunted for decades by a lack of investment in roads and railways.
GE said the railway concession project came on top of around $150 million the firm was currently spending on capital expenditures in Nigeria as cited by a senior company executive last week.
Jay Ireland, Chief Executive of GE in Africa, told the FT Africa Summit in London that the $150 million would be used in development projects.
GE would also invest in oil and gas industry projects, he added.
Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa in the coming years.
GE Confirms Interest in $2bn Nigeria Railway Concession
October 12, 2016
Eromosele Abiodun
U.S. conglomerate, General Electric (GE), has confirmed that it has a “keen interest” in acquiring a Nigeria railway concession project worth around $2 billion.
President Muhammadu Buhari had during his independence broadcast to the nation disclosed that GE would be investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of the country’s railways.
“On railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos-Kano railway.
“General Electric is investing two point two billion USD in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line. The Lagos-Calabar railway will also be on stream soon,” the president had said.
Confirming the $2 billion investment yesterday, GE, in a statement to Reuters, said: “Given the size and scope of the proposed project, it is likely that the debt and equity commitments required from lenders, consortium partners and other co-developers will be in the range of $2 billion or more.”
It said the concession was in the formal procurement process.
Nigeria has been looking for partners to overhaul its aging railway system, which was mainly built by British colonial rulers before the country’s independence in 1960.
The country has also signed two deals worth around $5 billion with China Civil Engineering Construction Corp (CCECC), part of China’s state-owned railway construction firm, to modernise and build railways in the north and south of the country, the Ministry of Transportation said last month.
Growth in Nigeria – an OPEC member country whose economy has slipped into recession for the first time in more than 20 years after being hammered by low oil prices – has been stunted for decades by a lack of investment in roads and railways.
GE said the railway concession project came on top of around $150 million the firm was currently spending on capital expenditures in Nigeria as cited by a senior company executive last week.
Jay Ireland, Chief Executive of GE in Africa, told the FT Africa Summit in London that the $150 million would be used in development projects.
GE would also invest in oil and gas industry projects, he added.
Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa in the coming years.
GE Confirms Interest in $2bn Nigeria Railway Concession
Nothing to be confused about. Like you said they are just measuring GDP(nominal) and not GDP per capita. Kenya is still the richer country via its citizens.
But I keep seeing Kenyans online complaining that Kenyan government should be doing the same thing and that the Kenyan government focuses too much on being a "democracy."
The Odum of Ala Igbo
Hail Biafra!
Those Kenyans who are complaining about having relatively better civil and human rights than Ethiopia don't understand
‘Invest in Namibia 2016’ considers doubling venue size
October 13, 2016
by Edgar Brandt
Windhoek
The aggressively promoted upcoming international investment conference, Invest in Namibia 2016, which was launched and marketed by President Hage Geingob in New York on September 22 and again in Johannesburg on October 6, is attracting so much attention that organisers are considering doubling the size of the venue.
The November 8-9 event, which is being organised by the Ministry of Industrialisation, Trade and SME Development, initially planned to cater for 500 participants, but the permanent secretary in the trade ministry, Gabriel Sinimbo, yesterday told New Era that significant interest from international investors has led the organisers to consider doubling the size of the venue.
“We were surprised at the excellent turnout (of interested investors) in New York, as well as the impressive turnout in Johannesburg. We have really received a resounding response to date,” said Sinimbo.
He went on to explain that the conference, which was initiated by Geingob to raise the level of foreign direct investment (FDI) into the country, is a targeted investment conference, in the sense that the trade ministry has already identified close to 20 projects in specific sectors considered important to the growth of the local economy.
Priority areas identified for investment include manufacturing, land servicing and affordable housing, tourism, transport and logistics, infrastructure development, renewable energy and agriculture.
While admitting that the relatively small Namibian market is not always attractive for investment, Sinimbo encouraged investors to look to the entire Southern African Development Community (SADC) market, which has a population of some 280 million people.
“The Port of Walvis Bay and the excellent corridors in Namibia are strategically positioned to give an investor a competitive positioning as a transport hub for all regional and international trade between SADC countries, Europe, the Americas and the rest of the world,” said Sinimbo.
He added that some of the reasons investors are attracted to Namibia include its sound democratic governance architecture, a high degree of political stability, economic stability and consistent growth, a business-friendly environment, market access and external trade relations, as well as the independence of the judiciary.
Simimbi said to further attract investors, government put in place certain incentives, particularly for registered manufacturers that can add value to local products.
These incentives include a special building allowance, a transportation allowance (which offers 25 percent off land-based transport in the country), export promotion allowance, an incentive for training, 50 percent off industrial studies and cash grants that provide 50 percent off the direct costs of approved export promotion activities.
Sinimbo said in January the ministry invited proposals for projects that would be attractive to investors and have the potential to significantly boost the economy.
After over 600 project proposals were received the ministry appointed consultants to identify specific projects with the potential to attract foreign investors.
He said: “Thusfar we’ve identified 19 projects, but this number may still change before the conference,” he said, noting that not all the projects belong to government. Indeed, the majority belong to private individuals and institutions. The project owners will be present at the conference. The ministry will assist and coach private project owners on how to pitch their ideas to the investors.”
‘Invest in Namibia 2016’ considers doubling venue size
October 13, 2016
by Edgar Brandt
Windhoek
The aggressively promoted upcoming international investment conference, Invest in Namibia 2016, which was launched and marketed by President Hage Geingob in New York on September 22 and again in Johannesburg on October 6, is attracting so much attention that organisers are considering doubling the size of the venue.
The November 8-9 event, which is being organised by the Ministry of Industrialisation, Trade and SME Development, initially planned to cater for 500 participants, but the permanent secretary in the trade ministry, Gabriel Sinimbo, yesterday told New Era that significant interest from international investors has led the organisers to consider doubling the size of the venue.
“We were surprised at the excellent turnout (of interested investors) in New York, as well as the impressive turnout in Johannesburg. We have really received a resounding response to date,” said Sinimbo.
He went on to explain that the conference, which was initiated by Geingob to raise the level of foreign direct investment (FDI) into the country, is a targeted investment conference, in the sense that the trade ministry has already identified close to 20 projects in specific sectors considered important to the growth of the local economy.
Priority areas identified for investment include manufacturing, land servicing and affordable housing, tourism, transport and logistics, infrastructure development, renewable energy and agriculture.
While admitting that the relatively small Namibian market is not always attractive for investment, Sinimbo encouraged investors to look to the entire Southern African Development Community (SADC) market, which has a population of some 280 million people.
“The Port of Walvis Bay and the excellent corridors in Namibia are strategically positioned to give an investor a competitive positioning as a transport hub for all regional and international trade between SADC countries, Europe, the Americas and the rest of the world,” said Sinimbo.
He added that some of the reasons investors are attracted to Namibia include its sound democratic governance architecture, a high degree of political stability, economic stability and consistent growth, a business-friendly environment, market access and external trade relations, as well as the independence of the judiciary.
Simimbi said to further attract investors, government put in place certain incentives, particularly for registered manufacturers that can add value to local products.
These incentives include a special building allowance, a transportation allowance (which offers 25 percent off land-based transport in the country), export promotion allowance, an incentive for training, 50 percent off industrial studies and cash grants that provide 50 percent off the direct costs of approved export promotion activities.
Sinimbo said in January the ministry invited proposals for projects that would be attractive to investors and have the potential to significantly boost the economy.
After over 600 project proposals were received the ministry appointed consultants to identify specific projects with the potential to attract foreign investors.
He said: “Thusfar we’ve identified 19 projects, but this number may still change before the conference,” he said, noting that not all the projects belong to government. Indeed, the majority belong to private individuals and institutions. The project owners will be present at the conference. The ministry will assist and coach private project owners on how to pitch their ideas to the investors.”
‘Invest in Namibia 2016’ considers doubling venue size