NIPDB to vet all foreign investment proposals
Investors have raised concerns that they will now have to submit their business plans to the Namibia Investment and Promotion Development Board (NIPDB), which will in turn assess the documents and advise investors of the appropriate visas they should apply for.
This follows the issuance of a circular from the ministry of international relations and cooperation earlier this year, which ordered all foreign missions to direct investors to NIPDB. The board will then be required to submit these business plans for onboarding to the relevant offices, ministries and agencies.
The move has concerned investors over fears that their business plans may be leaked.
“All prospective foreign investors intending to invest in Namibia are obliged to submit their investment proposals to the NIPDB for assessment. The board will scrutinise the proposals and advise the investors on the type of visas they would require and the procedure on how to obtain such,” the circular read.
“It is recommended that the missions direct all prospective investors considering Namibia as an investment destination to the NIPDB, and advise potential visitors and holidaymakers of the different requirements according to their reasons for travel or intended reason for staying,” it added.
The ministry did not respond to media queries, despite having undertaken to do so.
‘Valid concern’
On its part, NIPDB said investors would be required to submit their business plans to allow it to determine whether they meet the criteria to be treated as investors.
“It is, however, important to note that investors have the prerogative to apply for visas directly with the ministry of home affairs without making use of our facilitation services,” it said.
“In such cases, if and when the ministry of home affairs requires additional technical support in terms of assessment of the business plans, it then refers the file to the NIPDB for review and recommendation.”
The NIPDB said it was aware of concerns over its ability to ensure business plans were protected, adding that it was implementing best practices regarding the protection of sensitive information.
“This is indeed a valid concern as no system is 100% secured. However, the NIPDB takes the protection of investors' interests and confidentiality very seriously. Our information management practices are benchmarked with those of leading investment banks and investment promotion agencies, ensuring the tracking and auditing of information shared with us.”
Investors would also be required to sign non-disclosure agreements with the NIPDB to protect the contents of submitted documents.
“Additionally, we have implemented strict security measures including digital access control to prevent unauthorised access to confidential information, and entering into non-disclosure agreements with our investors to guarantee the confidentiality of their information. This is a common practice among investment promotion agencies globally,” it said.
This follows the issuance of a circular from the ministry of international relations and cooperation earlier this year, which ordered all foreign missions to direct investors to NIPDB. The board will then be required to submit these business plans for onboarding to the relevant offices, ministries and agencies.
The move has concerned investors over fears that their business plans may be leaked.
“All prospective foreign investors intending to invest in Namibia are obliged to submit their investment proposals to the NIPDB for assessment. The board will scrutinise the proposals and advise the investors on the type of visas they would require and the procedure on how to obtain such,” the circular read.
“It is recommended that the missions direct all prospective investors considering Namibia as an investment destination to the NIPDB, and advise potential visitors and holidaymakers of the different requirements according to their reasons for travel or intended reason for staying,” it added.
The ministry did not respond to media queries, despite having undertaken to do so.
‘Valid concern’
On its part, NIPDB said investors would be required to submit their business plans to allow it to determine whether they meet the criteria to be treated as investors.
“It is, however, important to note that investors have the prerogative to apply for visas directly with the ministry of home affairs without making use of our facilitation services,” it said.
“In such cases, if and when the ministry of home affairs requires additional technical support in terms of assessment of the business plans, it then refers the file to the NIPDB for review and recommendation.”
The NIPDB said it was aware of concerns over its ability to ensure business plans were protected, adding that it was implementing best practices regarding the protection of sensitive information.
“This is indeed a valid concern as no system is 100% secured. However, the NIPDB takes the protection of investors' interests and confidentiality very seriously. Our information management practices are benchmarked with those of leading investment banks and investment promotion agencies, ensuring the tracking and auditing of information shared with us.”
Investors would also be required to sign non-disclosure agreements with the NIPDB to protect the contents of submitted documents.
“Additionally, we have implemented strict security measures including digital access control to prevent unauthorised access to confidential information, and entering into non-disclosure agreements with our investors to guarantee the confidentiality of their information. This is a common practice among investment promotion agencies globally,” it said.
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