A 50-member delegation, including 30 from Tamil Nadu, will soon head to Namibia to explore business and trade opportunities. The India Africa Trade Council (IATC) in collaboration with the India Namibia Trade Forum (INTF), opened the Namibia Trade Commission Office at Ashok Nagar, Chennai, on Tuesday.
“Business opportunities in Namibia exist in the areas of agro-processing and green schemes, pharmaceuticals, food processing, solar energy, information technology, gems and jewellery, tertiary education, tourism and the manufacturing sector,” said Gabriel P. Sinimbo, High Commissioner of the Republic of Namibia.
“One of the most viable and sustainable ways to bring about a win-win situation between India and Namibia is through increased investments from India and by entering into joint venture partnerships between Namibian and Indian entrepreneurs,” he said.
The current bilateral trade between India and Namibia is just over $100 million, according to the statistical information from the Ministry of Commerce and Industry, Government of India. “Our diamonds and semi-precious stones are exported through London to India and we want to change this so that these commodities could be directly exported to India,” the High Commissioner said.
Welcoming Indian firms to invest in Namibia, he said, “The African Continental Free Trade Area Agreement came into effect on January 1, 2021. The trade agreement will allow goods and services to move freely among the 55 member states of the African Union (AU), which will boost intra-African trade and create a market-size of 1.3 billion consumers and a combined GDP of more than $3.4 trillion. With this in place and other mentioned regional free trade agreements, Namibia will have access to a bigger African continental market.”
Indian companies that have invested in Namibia include Vedanta Resources and the Indian GPT Group of companies in a joint venture with Transnamib for the production of concrete sleepers.
Other Indian companies have invested in energy, agriculture (irrigation), healthcare, diamond cutting and polishing and retailing businesses.