November 01, 2024
Economy

Geingob calls for community share ownership

March 18, 2022
Geingob calls for community share ownership

President Hage Geingob says communities must also own shares in companies that operate in their areas, in as much as they pay loyalties and taxes, and create employment.

“Yes, we welcome employment creation, taxes and royalties which are prudently employed by the Government for the national development of the country. But over and above those welcome benefits, we want to see community based economic empowerment through shareholding and more corporate social responsibility programs, particularly in the exploitation of national resources,”Geingob said on Friday during the inauguration of Debmarine Namibia’s N$7 billion AMV#3 vessel.

“As part of the Second Struggle for Economic Emancipation of all Namibians, it is the expressed wish of the Namibian Government that raw materials extracted from the Namibian soil and sea should also directly benefit, through economic shareholding, the communities in the areas from which the resources are derived.These efforts will not only alleviate national and community-based poverty but also contribute to the building of a more legalitarian, stable, inclusive and prosperous Namibia.”

Several countries are pushing for community ownership schemes in mining areas to empower their citizens as well as creating a stable working environment for investors.

The President said the government was still moving ahead with the planned enactment of the National Equitable Economic Empowerment Bill (NEEEB), amid concern that the continued delay by the government was causing uncertainty, impacting on the country’s ability to attract investment.

“The widely discussed National Equitable Economic Empowerment Bill (NEEEB) is in progress and I look forward to its enactment soonest, and trust that our private sector stakeholders will embrace this initiative,” he said.

NEEEB, according to the government, seeks to promote the economic empowerment of previously disadvantaged Namibians.

He said although the recent oil discoveries off the coast of Namibia and the planned Green Hydrogen initiatives will contribute positively to the domestic economy when fully realized, their impact would not be immediate.

“While these ventures will unlock tremendous economic opportunities for Namibia, they will not happen overnight. We need current and on-going projects, like this new vessel to help us through the transition until we bring these new ventures to reality. And of-course to continue to make contributions beyond the arrival of the new ventures,” the President said.

The AMV#3 is the world's largest diamond recovery vessel and was constructed through co-funding from five banks, namely Nedbank, RMB, Standard Bank, Bank Windhoek and ABSA, with Debmarine Namibia covering 25% of the total project cost.

 

The vessel is expected to increase Debmarine Namibia’s production by about 500 000 carats, boosting its annual production by 35%.

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Last modified on Tuesday, 22 March 2022 16:25
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