Finalise empowerment bill – Alweendo
Meant to be tabled in 2018, the Bill has hit hurdles, including the requirement that businesses owned by previously advantaged Namibians should cede 25% of their ownership to previously disadvantaged Namibians.
OGONE TLHAGE
WINDHOEK
Mines minister Tom Alweendo says there is a need to finalise the New Equitable Economic Empowerment Bill (NEEEB) and a revision to the Investment Promotion Act.
He made the comments in response to an assessment by the Fraser Institute about Namibia’s attractiveness as an investment destination for the mining sector.
Namibia saw its attractiveness fall as a consequence of the perceived outcomes when the empowerment bill becomes law.
“It goes without saying that the government must do everything necessary to attract investors, both local and foreign. It’s thus important that we finalise the necessary stakeholders’ engagement in relation to NEEEB and the Investment Promotion Act soonest,” Alweendo said.
The mines minister, however, felt that the assessment of Namibia’s attractiveness was not fair.
“At times, the negative perceptions are, unfortunately, informed by some investors’ desire to obtain benefits that are not beneficial to the host country. When that happens, albeit in few cases, we do engage the investors to explain to them that we only welcome investment that is mutually beneficial,” he said.
Let’s evaluate
The Chamber of Commerce and Industry recently also expressed willingness to evaluate and make comments on the empowerment bill.
During an interview with Namibian Sun, its newly elected president Bisey Uirab said the chamber had been informed the bill would be available in draft form soon.
“We have been advised that the document will soon be available. We believe it is important for various entities to participate in giving comments. The commitment we were given is that it will soon be available,” he said.
Meanwhile, spokesperson in the Office of the Prime Minister, Saima Shaanika, said final consultations were being made when contacted for comment.
“The Bill is with the public sector for consultation. Thereafter, it will head to Parliament,” she said.
Hit by snags
The NEEEB, which was meant to have been tabled in 2018, has hit hurdles for a number of reasons, including the requirement that businesses owned by previously advantaged Namibians should cede 25% of their ownership to previously disadvantaged Namibians.
However, during a Cabinet briefing, President Hage Geingob said the 25% ownership pillar should be done away with because it would not translate into broad-based empowerment.
Critics argued that the removal of this clause would provide policy certainty to foreign investors as well as appease local private businesses who threatened to leave the country in the face of this arrangement.
WINDHOEK
Mines minister Tom Alweendo says there is a need to finalise the New Equitable Economic Empowerment Bill (NEEEB) and a revision to the Investment Promotion Act.
He made the comments in response to an assessment by the Fraser Institute about Namibia’s attractiveness as an investment destination for the mining sector.
Namibia saw its attractiveness fall as a consequence of the perceived outcomes when the empowerment bill becomes law.
“It goes without saying that the government must do everything necessary to attract investors, both local and foreign. It’s thus important that we finalise the necessary stakeholders’ engagement in relation to NEEEB and the Investment Promotion Act soonest,” Alweendo said.
The mines minister, however, felt that the assessment of Namibia’s attractiveness was not fair.
“At times, the negative perceptions are, unfortunately, informed by some investors’ desire to obtain benefits that are not beneficial to the host country. When that happens, albeit in few cases, we do engage the investors to explain to them that we only welcome investment that is mutually beneficial,” he said.
Let’s evaluate
The Chamber of Commerce and Industry recently also expressed willingness to evaluate and make comments on the empowerment bill.
During an interview with Namibian Sun, its newly elected president Bisey Uirab said the chamber had been informed the bill would be available in draft form soon.
“We have been advised that the document will soon be available. We believe it is important for various entities to participate in giving comments. The commitment we were given is that it will soon be available,” he said.
Meanwhile, spokesperson in the Office of the Prime Minister, Saima Shaanika, said final consultations were being made when contacted for comment.
“The Bill is with the public sector for consultation. Thereafter, it will head to Parliament,” she said.
Hit by snags
The NEEEB, which was meant to have been tabled in 2018, has hit hurdles for a number of reasons, including the requirement that businesses owned by previously advantaged Namibians should cede 25% of their ownership to previously disadvantaged Namibians.
However, during a Cabinet briefing, President Hage Geingob said the 25% ownership pillar should be done away with because it would not translate into broad-based empowerment.
Critics argued that the removal of this clause would provide policy certainty to foreign investors as well as appease local private businesses who threatened to leave the country in the face of this arrangement.
Comments
Namibian Sun
No comments have been left on this article