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Namibia – land of the brave. Basic Facts. 824,269 km2 2.1m population Independent in 1990 Multi-party democracy English = official language Currency pegged to SA Rand. Economic facts. Upper middle income country GDP $12.2bn GDP per capita $6,126 (PPP), $4,500 (Atlas)
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Namibia – land of the brave UNCLASSIFIED
Basic Facts • 824,269 km2 • 2.1m population • Independent in 1990 • Multi-party democracy • English = official language • Currency pegged to SA Rand UNCLASSIFIED
Economic facts • Upper middle income country • GDP $12.2bn • GDP per capita $6,126 (PPP), $4,500 (Atlas) • Sovereign credit rating: BBB- (Fitch), Baa3 (Moody’s) • Ease of Doing Business 87th (out of 185) • Global Competitiveness Index 92nd (out of 144) • Good Governance Index 6th (out of 52 in Africa) • Corruption Perception Index 58th (out of 176) UNCLASSIFIED
Key economic points • Broad based economic growth • Member of WTO, SADC, SACU • Moderate GDP growth (4,7% in 2012) and stable macro economic policies • Emerging oil and gas sector and marine service industry • Large government/state-owned enterprise sector • Social safety Nets: Universal old-age grants and for vulnerable groups • Bond market seal of approval UNCLASSIFIED
Breakdown of GDP (2012) *Total Tourism contribution: 15.5% UNCLASSIFIED
Bilateral Trade • Total bilateral trade in 2012: £349m • UK-Nam trade in goods in 2012(exports): £76m 106% => metal manufactures, metalliferous ores, metal scrap, iron , steel, cars and miscellaneous manufactured articles • Nam-UK trade in goods in 2012 (imports): £273m 39% => diamonds, grapes, beef, beer, charcoal • 3:1 imbalance (exports to imports) • Trade deficit improved by 52% UNCLASSIFIED
Strengths • Macro Economic Stability • Low levels of government debt • Stable/pragmatic business-friendly govt • Openness to international trade/investment • Easy Access to Government decision makers (open door policy) • Clear property rights • Independent courts and press • Good infrastructure UNCLASSIFIED
Weaknesses • High unemployment • NEEEF (BEE) racially skewed (socio-economic injustice) • High GINI coefficient (income inequality) • Shortage of skilled labour • Underperforming education and training system • Deteriorating health sector (infant mortality) • Low labour productivity • Government bureaucracy • Work permit difficulties • Challenging taxes for extractive industry: withholding tax (25%), VAT (15%), corporate tax on oil & gas (42%), royalties eg. oil & gas (5%) • Slow judicial system UNCLASSIFIED
Opportunities • Minerals (including oil and gas) • Agriculture and Agro-industry potential • Infrastructure development • Transport and logistics hub, best port in Africa • Potential regional base • Proximity to SA and Angola UNCLASSIFIED
FCO commercial support in country • BHC Windhoek = VSEP/micro mission 1UKB • No UKTI support / in house new commercial officer • Active British Business Group eg. assist an AIM-listed company to secure major investment financing • Networking/guest speakers • Facilitate UK business visits and key calls • Briefings / Doing Business Guide / Extractive Industry Report / Working on ‘Easing the way for investment’ • Access and host events eg. Product launches UNCLASSIFIED
UKinNamibia websitewww.gov.uk/world/namibia UNCLASSIFIED
Thank you UNCLASSIFIED