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EU Commission chief Ursula von der Leyen and Namibia's President Hage Geingob signed an agreement on Green Hydrogen. EU-Namibia Busines...
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| EU Commission chief Ursula von der Leyen and Namibia's President Hage Geingob signed an agreement on Green Hydrogen. |
Why This Forum Mattered
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| Namibia has a wealth of natural resources, including solar and wind energy, oil, gas, and minerals. |
This historic agreement positioned Namibia as the first African nation to establish a strategic partnership with the EU in CRMs and the green hydrogen value chain. The joint efforts aimed to transform Namibia into a producer and exporter of green hydrogen, which was expected to accelerate global decarbonization.
Key Stakeholders
The forum drew stakeholders from various sectors, including industrial gases companies, potential off-takers, engineering, procurement construction (EPC) firms, renewable energy companies, electrolyzer manufacturers, hydrogen production companies, transport and storage experts, fuel cell manufacturers, equipment and technology suppliers, energy utility companies, transportation providers, industrial users, consultancies, engineering firms, research and development institutions, financial institutions, and associations. Discussion topics also encompassed renewable energy sources, such as solar and wind energy.
The Deputy Prime Minister and Minister of International Relations and Cooperation will deliver a keynote at the EU-Namibia Business Forum2023 on 25 Oct. Namibian Ambassadors to Geneva, Paris, London, Brussels and Helsinki are also in attendance #ENBF2023 pic.twitter.com/M8z4XPT0PZ
— aochamub, albertus (@abbasaochamub) October 24, 2023
Participants from the other sectors included mining companies, exploration firms, refining and processing companies, technology providers, recycling waste experts, trading and distribution entities, research and development organizations, government agencies, financial institutions, investors, industry associations, and supply chain consultants. The forum also featured development finance institutions, research and development entities, academia, business support organizations, government institutions, and EU institutions.
Event Details
The ENBF was a hybrid event featuring a range of activities: The forum hosted insightful discussions, bringing together experts and stakeholders to delve into critical topics. Namibia's potential as an attractive hub for direct investment in Green Hydrogen and critical raw materials took center stage.
The event fostered discussions aimed at improving the business environment, including regulatory frameworks and joint ventures. Extensive networking opportunities were available, facilitating business-to-business (B2B), business-to-government (B2G), and government-to-government (G2G) interactions.
As a space for collaboration, the event provided a platform for signing Memoranda of Understanding and launching new project initiatives. The event's proceedings were streamed online, ensuring global accessibility and engagement. ENBF strived to enhance collaboration between Namibia and the European Union in the GH2, unlocking their immense potential.
Why Namibia?
Namibia boasts a unique combination of attributes that make it a prime destination for investment:
Political Stability: Namibia's political stability is a key factor for businesses, trading, and foreign investment. With a record of 33 years of stable democracy and peace, the country provides a secure environment for business operations. The consistent political climate ensures that investments are safeguarded from disruptions caused by political turmoil, which is common in many African regions. This stability is a testament to Namibia's commitment to providing a safe and predictable business environment for both local and international investors.
Namibia's well-developed financial and banking sectors contribute to its appeal as an investment destination. The country boasts the third-largest pension fund industry in Africa, reflecting a mature financial system. This sophisticated and globally linked monetary system offers businesses access to a wide range of financial services, including investment opportunities and access to capital, and credit making it easier for startups and small-scale companies to grow and thrive.
Human Rights: Respect for human rights, including the unamendable right to private property, is a fundamental aspect of Namibia's legal framework. This constitutional commitment to human rights provides businesses with confidence that their property rights are protected. Such assurances are vital for investors who seek to operate in a jurisdiction that upholds the rule of law and individual freedoms.
Advanced Infrastructure: Namibia's advanced infrastructure is a critical component of its appeal to businesses. The nation offers stable telecommunications, reliable electricity, water supply, and efficient sanitation services. Robust infrastructure is essential for companies looking to establish operations, as it ensures uninterrupted business activities and enhances the overall efficiency of operations.
Liberty: Namibia maintains a free-market economy and respects the freedom of the press. This commitment to economic freedom allows businesses to operate without excessive government intervention and fosters a competitive marketplace. Moreover, freedom of the press ensures transparency and access to information, contributing to a well-informed business environment.
Accessible Workforce: Namibia's educated, English-speaking population is a valuable asset for businesses. The availability of a skilled and communicative workforce is crucial for many industries. Furthermore, the national training fund allows for upskilling, ensuring that the workforce remains adaptable and capable of meeting the evolving needs of businesses.
Rules of Law: Established and functioning laws and regulations, including the Foreign Investment Act 27 of 1990, support a transparent business environment. The clear legal framework creates a level playing field for businesses and helps prevent legal disputes and ambiguities that can hinder investment and operations.
Quality of Life: Namibia offers a high quality of life for residents, workers, and expatriates. A comfortable climate, short commutes, quality schools, and a range of hospitality and entertainment options make the country an attractive destination for employees. A high quality of life can be a critical factor in attracting investment and retaining talent.
Established FDI Destination: Namibia has a history of successful foreign investments and numerous long-established companies. This track record demonstrates that the country is a welcoming destination for foreign direct investment (FDI). It provides confidence to potential investors by showing that others have successfully navigated the business landscape.
Investor Protection: Namibia guarantees freedom from nationalization, ensuring that investors' assets are safe from government seizure. This protection is a fundamental aspect of risk mitigation for businesses and instills confidence in their investments.
Logistic Hub: Namibia's high-quality logistical infrastructure and competence are pivotal for businesses engaged in regional and international trade. This includes well-developed land, air, and sea connections. Efficient logistics reduce costs and enable companies to reach a broader market, reinforcing Namibia's appeal as a business hub.
Investment Repatriation: Namibia allows the free remittance of capital and profits, ensuring that investors can easily repatriate their earnings. This feature is essential for international businesses and investors, as it provides liquidity and security for their investments.
Natural Resources: Namibia's wealth of natural resources, including solar and wind energy, oil, gas, metals, minerals, and agricultural resources, creates opportunities for various industries. Businesses can leverage these resources to support their operations, promote sustainability, and contribute to the global transition to cleaner and more efficient energy sources.
Market Access: Namibia holds several preferential trade agreements, including the African Continental Free Trade Area (AfCFTA), Economic Partnership Agreements (EPA), African Growth and Opportunity Act (AGOA), and Currency Convertibility. These agreements provide businesses with access to a wide range of markets, allowing them to expand their reach and grow their customer base. Access to multiple markets is crucial for companies seeking to diversify their operations and increase profitability.
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