Namibia seeks Indian investment in mining, infra, telecom

Seeking partnership from the Indian industry in sectors like mining, infrastructure, telecom and textiles, Namibia today said that it has put in place appropriate legislation and incentives to stimulate investment.

"There exists a potential for investment in Namibia in sectors like mining, tourism, agriculture, telecom, infrastructure and textiles," Namibian President Hifikepunye Pohamba said at a function organised by CII here.

"There are incentives for foreign companies especially in the manufacturing industry," Pohamba said.

India and Namibia on Monday signed a civil nuclear agreement and four other pacts with a vow to inject "fresh dynamism" in their ties.

The five agreements were signed after talks between Prime Minister Manmohan Singh and Pohamba in New Delhi.

"We are rich in all kinds of minerals. A lot of it is unexploited because we do not have skilled people to do that," he said.

Pohamba said he wanted to "bring about a balance in trade" between the two countries.

India exported goods and services worth USD 41-million to the African country in 2007-08, while Namibian exports to India stood at USD 21-million during the same period.