Namibia’s ocean economy holds great growth potential

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The Namibian economy will receive a big boost if the southern African country explores the vast potential in its coastal regions and develops the ocean economy, a report released Tuesday by a local research institute said.

Potential expansion of economic activities concerns both established and new industries as some projects have already been initiated while other investments are being explored, said the Institute for Public Policy Research (IPPR), in the report: “Toward a Blue Economy: Harnessing Namibia’s Coastal Resources Sustainability.”

IPPR said Namibia can further expand seabed mining activities, aquaculture, renewable energy, desalination, among others.

“Furthermore, Namibia could build upon strong established industries to further economic growth, in particular transport and trade, tourism and fisheries,” the report added.

The report noted that one such development the government has already prioritized is the expansion of the cargo handling facilities at the port of Walvis Bay by China Harbour Engineering Company.

According to IPPR, Namibia is fairly positioned in terms of providing a gateway for cross-border trade.

“With effective port facilities coupled with rail and road infrastructure there are significant opportunities for Namibia to gain and benefit from an increased share of regional trade. A competitive transport and logistics sector among others can also attract new manufacturing businesses and foreign investors,” read the report.

IPPR is of the view that with the improvement in Namibia’s ocean economy with regard to logistics and transport, other industries such as manufacturing business located at the coast will surely benefit in terms of better access to markets as well as raw materials required for manufactured goods. Enditem

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