Namibias brimming economic potentials received a huge boost on Thursday as potential investors from Greece, Portugal and Spain, representing the business groups Europa Shipping and Mirage Finance met with Vice-President Dr Nickey Iyambo.
The meeting provided an avenue for investors to express their interest in investing in an oil refinery, solar power plants and social housing projects in Namibia.
The group said they have dealt with energy and housing projects in Ghana, Sierra Leone and Senegal. However, most of those projects have been put on hold due to Ebola fears, hence the businesses are now looking to divert their investments to southern Africa.
They impressed Iyambo with their stance that whatever projects they eventually decide on will contain as much local content as possible, and will be supported by local factories to supply as many local components as possible.
The group also informed Iyambo that they intend to establish a 15 000 square metre factory to build solar power plants for areas where they are needed. The investors explained that instead of constructing one massive solar power plant, they feel it is much better to focus on specific energy needs of a particular area and to set up a solar power plant in the vicinity.
Regarding the proposed oil refinery, the visiting group emphasised that a project of this magnitude needs a comprehensive feasibility study.
They said that a refinery investment would make sense if the final petroleum product is exported to neighbouring countries.
"Namibia has been struggling to find investors for an oil refinery. We would not mind to eventually have two or three refineries in the country with the possibility of exporting the final product throughout the region and beyond. Certainly we would like to have that type of investment," remarked Iyambo.
Commenting on the possible solar power investment, Iyambo admitted that the country is grappling with a dire need for energy. He added that energy is one of the prerequisites for Namibia to achieve its aim of industrialisation by 2030.
