A strong regard for the Environment, Social Society and Governance matters is important for consideration in navigating economic challenges for the long-term prosperity of our country, RMB Chief Executive Officer (CEO) Philip Chapman has said.
Chapman was speaking at a recent FNB, RMB 2023/24 National Budget Review event, where key stakeholders from both the private and public sectors reflected on the policies and announcements made by Minister of Finance Iipumbu Shiimi at the tabling of the National Budget last month.
“As part of our commitment to building a globally competitive Namibia, FirstRand believes that its crucial to participate in national discourse around pertinent economic matters such as the Budget. Forums and discussion such as this are vitally important as we collaboratively share ideas on how to achieve the shared vision of a thriving country. We, both private and public sectors, are responsible for building and enabling the economy in the long-term interest of our future generations.
“Namibia as a country continues to offer vast opportunities. It is however important that these opportunities are pursued in a responsible manner and optimised to deliver positive outcomes for all Namibians. As private and public sectors embrace this collectively, we are certainly steering in the right direction,” he said adding, “We are custodians of what future generations will inherit, or not inherit.”
Moreover, FirstRand Namibia Group Economist Ruusa Nandago added that the Budget Review event provides a platform for the private sector to unpack the National Budget in terms of the themes and opportunities that are presented as well as a chance to unpack the tax policy and tax changes relevant for individuals and businesses.
“The key insights that we can all take away from the Budget Review include the need for government to continue fostering private sector led growth in order to create jobs and ensure sustainability of the fiscus; the role financial institutions as capital allocators play in achieving objectives set in the budget; and the need to craft appropriate tax policies around green hydrogen industries and to strengthen existing oil and gas tax legislation,” she explained.
Minister of Finance Iipumbu Shiimi said that government is working on removing constraints in the economy especially when it comes to reducing the cost of doing business but will need further assistance from the private sector to fully mitigate the challenges and become more efficient.
He further explained that the Namibia Investment Promotion and Development Board (NIPDB) has been and continues to look for ways to attract foreign investment in all industries, some of which currently do not exist in Namibia yet and despite it taking some time, efforts are already starting to pay off.
“We have received a lot of interest in Namibia especially in the areas of Green Hydrogen and Oil as well as others, therefore we need to support them in order to attract foreign capital and foreign investment,” he said.
“In terms of addressing poverty in the country, government has realised that the most vulnerable people are the hardest hit by the rising inflation thus we have increased the social grants starting October 2022 to try to cushion the most susceptible people in our society to be able to survive. As a nation, we collectively all must have our hands on deck and work together to continue building the Namibian house he concluded.”