Namibia eyes investments in manufacturing

Namibia is looking to raise its manufacturing output and exports for overall development of the economy, said Herman Carl Schlettwein, Minister of Trade and Industry, Namibia on Wednesday.

“The country is expecting more investments in IT, manufacturing and other sectors. Namibia has an investor-friendly environment with no strict restrictions on investments. However, the country has some restrictions on insurance and related sectors,” he said.
Schlettwein is leading a Namibian Industry and Trade delegation to India.

Trade and investment between India and Namibia is expected to grow further with finalisation of India - SACUPTA (South African Customs Union, Preferential Trade Agreement). Namibia is rich in uranium, diamonds, copper, phosphates and other minerals and looks forward to Indian investments in these areas, said R Sivakumar, President, Federation of Karnataka Chambers of Commerce and Industry (FKCCI) on Wednesday.

Namibia is looking for Indian investments in key growth sectors like diamond, precious metals, base metals, energy and other sectors.

Bilateral trade between the two countries reached $74.28 million in 2012-13, while Indian exports to Namibia reached $64.33 million.
Imports stood at $9.95 million in 2012-13.

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