The Chief Executive Officer of the Namibia Investment Promotion and Development Board (NIPDB) has said that Namibia must create 800,000 jobs by 2030.
Nangula Uaandja revealed this during a high-level engagement platform for the Namibian business community on the African Continental Free Trade Area (AfCFTA) in Swakopmund on Wednesday.
Uaandja said that to create these jobs, the country needs approximately N$220 billion.
Currently, the private sector employs 138,000 people, while entities that have received foreign investment employ 56,000.
She stressed that the local business community are the primary investor of the country's economy.
"You are more attached to the people; therefore, you are the primary investor, and the more we grow our local business community, the more the economy will sustainably grow because the foreign investors will take out their investment at some point in time."
Speakers at the engagement urged local businesses to position themselves strategically to leverage the African Continental Free Trade Area to unlock broader markets and ensure inclusive and sustainable economic growth.
Asser Nashikaku, the Director of Trade at the Ministry of International Relations and Trade (MIRT), highlighted the priority sectors, adding that "the negotiation on the five priority sectors was concluded and negotiated, and Namibia is one of the 24 countries for which the trading services of our country have been adopted. And those five priority private service sectors are the financial, the communication, the tourism, the transportation, and the business services, including doctors, lawyers, and others."
Trade Minister Selma Ashipala-Musavyi elaborated on Namibia's attractive investment climate, emphasising the government's commitment to creating a conducive environment for foreign investors.
"Namibia is a prime destination for business, worth investing in, where entrepreneurs can unleash their potential. I am confident that, with the support of the Ministry of International Relations and Trade and the Ministry of Industry, Mines, and Energy, you will find a lot of opportunities for growth and success."
The engagement was aimed at seeking and gaining direct insight from the business sector, identifying key challenges and opportunities, and ensuring business perspectives are reflected in national trade and industrial policy.
It is also intended to ensure that export-ready companies receive the necessary support and guidance to trade effectively under the AfCFTA agreement.