Namibia and South Africa to launch business council next year

October 15, 2023 1204

Namibia and South Africa have agreed to establish the Namibia-South Africa Business Council to serve as a Public-Private Sector Platform to coordinate efforts aimed at improving business relations between the two countries.

This business council will be established through collaboration between the Ministries of Trade and Industrialization of the two countries and is set to launch by March 31, 2024.

According to a joint communiqué from the third session of the Namibia-South Africa bi-national commission held in Windhoek, the council will serve, among other things, as a means to promote trade, investment, and industrial relations between both sides. It will also work on developing a cooperative framework and social compact to increase bilateral trade and expedite the implementation of strategic industrial and infrastructure projects in various sectors of the economy.

"I am also appreciative of the work that will be initiated between the two Ministers of Trade and Industry to launch a Namibia-South Africa Business Council to continue fostering closer identification of investment and industrial opportunities. This will enhance our capacity to realize planned industrial and investment opportunities," said President Hage Geingob. 

The council will also facilitate public-private sector dialogue that will lead to the implementation of joint actions to address trade and investment barriers between the two countries by sharing experiences and perspectives aimed at improving the business environment in South Africa and Namibia.

"The promotion of regional value chains, including green hydrogen, which can drive industrialization and the use of critical minerals for industrialization in the African continent," the communique noted.

The two countries are also looking to establish a facility that will finance industrial and productive development projects and provide assistance for the creation and development of cross-border value chains between Namibia and South Africa in strategic areas of their respective economies.

"The development of these industrial and investment projects will equally depend on an efficient and supportive structure," Geingob said.

This comes as the total trade volume between Namibia and South Africa reached N$67.1 billion last year, marking a 13.5% increase from N$59.1 billion recorded the previous year, according to data shared by the Presidency.

South Africa has the highest number of companies doing business in Namibia.

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Last modified on Monday, 16 October 2023 20:53

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