Regional integration vital

Regional integration arises from expanded market access for goods and services in the country.

17 July 2017 | Business

Minister of finance, Calle Schlettwein has highlighted regional integration and trade liberalisation as some ways Namibia could expand her economy.

The minister made the remarks in a statement he delivered at the third annual conference of the Economic Association of Namibia recently.

Schlettwein said the case for regional integration arises from expanded market access for goods and services in the country, increased value shares, productive efficiencies and welfare gains over time.

He said national growth poles for regional integration exists and Namibia should, more than before, reposition its national agenda to advance its regional integration goals.

Schlettwein said the Southern Africa Customs Union is an important point of departure for regional integration for Namibia.

Added to this, the minister said, will be the Grand Tripartite Free Trade Area amongst the Common Market for Eastern and Southern Africa, the East African Community, and Southern African Development Community to widen opportunities in intra-African trade integration.

Namibia can also make use of the opportunities provided by its involvement in the Angola, Namibia and South Africa (ANSA) countries' pact.

“Namibia is strategically located to serve as a gateway in the ANSA configuration, as it is wedged between the two largest economies in the region,” Schlettwein said.

The minister said, for the country to reap benefits from regional integration, there needs to be a designated national strategy to guide strategic interventions within the framework of national development plans.

Industrial capacity, as well as the associated institutional capacity to support the provision of goods and services is also vital for this purpose.

“Availability of a critical mass of skills and national competitiveness across the broad range of production and supply chain is also needed,” he said.

On the growth front, he noted that the year 2017, started off on a cautionary note of weak domestic demand conditions, a relatively flat investment function and slackness in exports.

Schlettwein, however, said there are some positives which make for brighter medium-term prospects.

Amongst these prospects is stability in price, with stable or even falling inflationary levels, while monetary policy has assumed a generally neutral stance.

Output in the primary industries, particularly mining and agriculture have rebounded, while the recovery of commodity prices in the mining sector remains soft, according to Schlettwein.

He noted that a natural hedge for uranium prices in respect of Swakop Uranium Mine promises for increased exports, supported by activity in the off-shore diamond sub-sector.

“We see the momentum on exports and other inflows relative to imports already contributing to the narrowing of the current account deficit. This is further reinforced by the effects of the fiscal consolidation programme,” he said.


Similar News


Nels baby company

6 hours ago | Business

Beatha Shitemba's love for all things cute, cuddly and small has led to the creation of a unique baby company that supplies tailor-made bedding products....

Bannerman, Geingos foundation deal sealed

1 day - 24 July 2017 | Business

Bannerman Resources Limited announced the completion of the Namibian partner transaction last week. This sees Bannerman welcome the One Economy Foundation as a 5% shareholder...

Banking sector to remain stable

1 day - 24 July 2017 | Business

Standard & Poor's expects the South African banking industry to remain stable in the face of sluggish economic growth and heightened political risks. But, it...

Rand firms slightly

1 day - 24 July 2017 | Business

The Rand firmed on Friday, recovering some of its losses after a surprise interest rate cut by the central bank on Thursday.The central bank unexpectedly...

Angola still owes Namibia N$2.5 billion

3 days ago - 21 July 2017 | Business

Bank of Namibia deputy governor Ebson Uanguta says Banco Nacional De Angola owes them approximately N$2.5 billion following a currency conversion agreement that was implemented...

Good progress on foundry project

4 days ago - 21 July 2017 | Business

Plans to set up a foundry facility in Otavi are fast taking shape according to local business man André Neethling who presented the proposal during...

Manufacturers awards a go

5 days ago - 20 July 2017 | Business

FNB Namibia Business has renewed their sponsorship towards the NMA Manufacturer of the Year Gala Awards ceremony for the next three years. This year's support...

Supporting SME activities

5 days ago - 20 July 2017 | Business

Small and medium enterprises play a vital role in Namibia's economy with one in five people being employed in the SME sector. Not only do...

Shoprite reports revenue of N$140.7bn

5 days ago - 20 July 2017 | Business

Shoprite managed to grow turnover by 10.4% over the past 12 months, despite challenging trading conditions both locally and in non-domestic markets, the group revealed...

Oil dips on rising US crude inventories

5 days ago - 20 July 2017 | Business

Oil prices fell on Wednesday after a rise in US crude inventories and ongoing high output from Organisation of Oil Producing Countries producers revived concerns...

Latest News

Swapo to deal with Swartbooi

6 hours ago | Politics

JEMIMA BEUKES Swapo secretary-general Nangolo Mbumba says the ruling party will deal with parliamentarian Bernadus Swartbooi over controversial comments he made at the weekend in...

Under-fire governor claims he was...

6 hours ago | Cultural

ILENI NANDJATOOmusati governor Erginus Endjala has apologised for private remarks in which he spoke against the Aandonga people and certain politicians.An hour-long audio recording involving...

Namibian rhino to be sculpted...

6 hours ago | Art and Entertainment

ELLANIE SMIT A life-sized rhino made from Namibian marble and sculpted by a world-renowned artist will soon be auctioned...

State to appeal Hoff conviction

6 hours ago | Justice

FRED GOEIEMAN The State is not satisfied that a woman who had conspired to kill her husband was only found...

Hardap alleviates Neckartal water woes

6 hours ago | Infrastructure

STAFF REPORTERNamWater will funnel crucial water from the Hardap Dam to the Neckartal Dam construction site in order to alleviate critical water shortages there and...

TransNamib manager out on bail

6 hours ago | Justice

CATHERINE SASMANTransNamib’s head of procurement accused of corruption, Chris Simataa, was granted bail of N$60 000 by the Windhoek Magistrate’s Court on Friday and was...

Desert Rose EIA under scrutiny

6 hours ago | Infrastructure

The developers of the Desert Rose project are keen to get the project rolling, having recently submitted an environmental impact assessment (EIA) for the N$8-billion...

Brother nabbed for fondling sister

6 hours ago | Crime

The Namibian police at Okatope in the Oshikoto Region on Sunday arrested a 27-year-old man for allegedly fondling the genitals of his biological sister.The crime...

Two men arrested for ivory

6 hours ago | Crime

Two residents of Katutura who were on Friday found in possession of two elephant tusks briefly appeared in the Magistrate's Court in Windhoek yesterday morning....

Load More