Economy

Economy (712)

Trade unions have petitioned Prime Minister Saara Kuugongelwa-Amadhila to award civil servants an 18% salary increment for 2023/24 and 2024/25 financial years.

The Ministry of Mines and Energy says its working on finalizing a local participation policy for the country’s emerging oil sector.

The City of Windhoek has announced the reappointment of Faniel Maanda as acting Chief Executive Officer (CEO) for a further six-month period, effective from March 8, 2023, until September 8, 2023, or until a substantive CEO is appointed.

It has been widely cited that "education is the greatest equaliser”. This sentiment captures the power of education to dignify individuals and institutions alike. It implores us to harness the transformative role of education to infuse hope and optimism.

 Namibia has made significant strides in improving food safety in recent years, but there is still work to be done. One area that deserves attention is the informal food sector, which is often overlooked when it comes to regulations and standards.

The government has yet to engage with the unions representing its 107,000 civil servant workforce over the possibility of retrenchment as an option to control its ballooning wage bill.

The African Union Summit brings together the leaders of all 55 member states to discuss issues facing the continent and chart a course for its future.

The Ministry of Finance and the Ministry of Fisheries and Marine Resources in Namibia have opened bidding for 30,540 metric tonnes (MT) of Horse Mackerel.

The decision to hold this auction is in line with Section 3(3) of the Marine Resources Act, Act No. 17 of 2000 as amended, which allows the government to utilize or harvest marine resources to promote social-economic, cultural or other governmental objectives in the public interest through an entity or person designated by the Minister, on direction from Cabinet.

This move comes as the Namibian government has set the total allowable catch (TAC) for horse mackerel at 290,000 metric tonnes (MT) for the 2023 season, which began on January 1, 2023, and will run until December 2023.

This is a reduction from the 330,000 MT approved for the 2022 fishing season.

In 2022, Namibia's fish exports decreased marginally by 1.3% to N$7.8 billion from N$7.9 billion recorded in 2021, according to the latest figures.

The fishing sector, according to Simonis Storm, accounted for an average of 12.5% of total exports in 2022 and year-to-date accounted for 5.7% of real GDP.

In 2020, the Namibian government resolved to sell fish quotas through a competitive auction system to the highest bidder, as part of efforts to ensure that the country receives the correct value for its fishery resources and fully benefits from its natural resources.

The government's decision to open the bidding process for Horse Mackerel is expected to generate revenue for the country and provide a platform for companies to secure access to the much-needed resource.

The auction is also expected to contribute to the government's efforts to achieve its social-economic and developmental goals through the responsible management of its marine resources.

 

 Namibia is an African country that offers several attractive investment opportunities for investors. Some of the reasons for investing in Namibia include:

The Business and Intellectual Property Authority (BIPA) is collaborating with the Namibia Revenue Agency (NamRA) to curb cross-border violations or infringements by enforcing Intellectual Property Rights protection (IPRs) laws.

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