Population (2017): 2.5 million
GDP (2017): US$12.7 billion (S$17.1 billion)
World Bank “Ease of Doing Business” Rank (2018): 106
Bilateral Trade with Singapore (2017): S$112.9 million
Namibia has rich and extensive mineral deposits and resources, including copper, diamonds, gold, iron ore, tin, uranium, and zinc. In the energy sector, it has deposits of coal, natural gas, and oil.
In agriculture, investment opportunities exist in local processing of livestock, ostrich farming, crop production and food processing. There are good prospects for horticulture, such as cut flowers, grapes, jojoba, and olive oil. Namibia also has one of the most productive fishing grounds in the world, and its revenue from fisheries is comparable to its agricultural revenue.
Namibia enjoys political and economic stability, providing a safe and stable business environment with good infrastructure and systems that work well, rewarding the patient investor. The government is committed to creating jobs, enhancing the skills of its workforce and pursuing value-added activities, and foreign direct investment inflows help to achieve these aims.
Over the years, the Namibian government has established a business-friendly legal and regulatory framework for investors. It has also put in place a dynamic investment incentive regime, coupled with other exporter and manufacturer incentives.
Namibia’s regional ties contribute to its economic stability. It is part of the Common Monetary Area (CMA) which comprises South Africa, Lesotho and Swaziland, and the Namibian dollar (NAD) is therefore pegged at parity to the South African rand (ZAR). This has helped to anchor macroeconomic policy and reduce inflation. Namibia is also a member of the Southern African Development Community (SADC) and the Southern African Customs Union (SACU), and enjoys zero tariffs on goods produced in or traded among member states.
Namibia’s good international relations and economic ties in the region have increased consumer demand and export growth.
With an open market and well-established physical and regulatory infrastructure, Namibia provides a friendly environment for foreign investors.
In 2004, the Namibian government launched a national development project, “Vision 2030”. One specific goal is to improve the delivery of public services through the information and communications technology, presenting an opportunity for Singapore firms with expertise in this area.