Business / Economy

Chinese investment in Namibia grows to $4.6b

(Xinhua) Updated: 2015-03-15 09:21

WINDHOEK - Namibia is home to more than 40 Chinese companies that are making about $4.6 billion per year, Chinese Ambassador to Namibia Xin Shunkang has said.

Xin said all the companies employ more than 6,000 Namibians.

He said currently, the value of Chinese companies' investments in Namibia is about $3 billion.

China and Namibia signed the Reciprocal Investment and Protection Agreement in August 2005, while a Foreign Investment Act is yet to be brought before the Namibian parliament.

Xin said the embassy encourages Chinese companies to increase their investment, deepen cooperation with local companies, and employ more local people.

So far, he said the Chinese embassy has been involved in skills development, taking various measures to help with skills development for Namibians, especially the youth.

Ambassador Xin mentioned workshops on health, management, agriculture and media as among those China has been involved in and where more than 100 Namibians took part.

He further said they also offer scholarships to Namibians through the Ministry of Education to study in China.

As part of skills transfer, China is involved in the construction of the Namibian Youth Training Centre at Grootfontein about 460 kilometres from the capital Windhoek.

In 2011 and 2012, Chinese investments in Namibia grew by $179 million, while by the end of 2013, China's total investment in Namibia stood at $3.9 billion.

Most of the investments are concentrated in the mining and manufacturing sectors.

Late last year, Ambassador Xin in another interview said China was discussing the construction of a railway line between Tsumeb and the port harbour of Walvis Bay that was estimated to cost more than $500 million.

"A Chinese company is in discussions with the Ministry of Works and Transport to build a railway (line) from Tsumeb to Walvis Bay. It will transport cargo and passengers.

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