NAC facilitates investments of N$400 million

NAC facilitates investments of N$400 million NAMPA

The Namibia Investment Centre (NIC) facilitated new investments worth N$409 million during the 2015/2016 financial year.

The NIC is a directorate in the Ministry of Industrialisation, Trade and SME Development that was established in 1990 under the then Ministry of Trade and Industry to promote foreign direct investment.

According to the ministry’s report for the 2015/2016 financial year made public in November, the NIC facilitated new investments in the area of services worth N$130 million from Angola; in tourism and hospitality worth N$250 million from Democratic Republic of Congo and Germany; and over N$5 million from the South African, German, British and Angolan manufacturing sectors.

The report noted that over 260 jobs were created in the areas of manufacturing, tourism and hospitality, services, construction, wholesale/trading, farming and agriculture.

The NIC also provides aftercare services to existing investors by facilitating work permits and visa applications.

The report noted that about 22 new work permits and 27 permanent residence permits were issued to new investors during the year under review.

The directorate had received a budget allocation of about N$68 million for the 2015/2016 financial year.