Category: Finance

Information, Communication and Technology Minister, Peya Mushelenga on Thursday launched the first Oshana Investment Conference set to take place at Ongwediva next week.

The event is expected to attract about 250 investors from across the country as well as international investors.

In his remarks at the launch, Mushelenga said the Oshana Region is an ideal centre for trade and investments given the facilities and infrastructure that it offers to businesses.

The region, he said boasts good road infrastructure, an airport with daily flights during the working days and a railway station, making it a gateway for trade between Namibia and Angola, which is within less than 100km reach.

“The region further provides a conducive environment for investors in a broader scope. With a public referral hospital and two private hospitals, the region is attractive to investors, who are generally concerned about health care services,” Mushelenga noted.

On his part, Oshana Governor Elia Irimari, indicated that the aim of the conference is to create an environment that fosters investment opportunities, promote economic growth, and improve the quality of life for the people of the region.

Irimari also said the conference will serve as a platform for potential investors to explore the vast potential that Oshana has to offer, from agriculture to tourism, manufacturing to technology.

“Attracting investment can create job opportunities, enhance infrastructure, and ultimately improve the overall well-being of our people. By working together, we can transform Oshana into a thriving hub of economic activity, contributing to the growth of our nation as a whole,” he said.

Meanwhile, Head of Planning and Economic Development at the Oshana Regional Council, Jeckonia Nangolo stressed that the region has abundant natural resources, and if proper investment promotion is enhanced, will result in value-added products and services that meets the needs of the consumers, both local, national and international.

The aim is merely to bring together potential investors, industry players, investors-services providers, marketers and consumers for business networking, he said.

“We hope to present and exhibit the region’s potential investment opportunities to the right investors,” he noted.

The event was funded by the Oshana Regional Council at a cost of N.dollars 500 000, with more sponsors expected to come on board.

Source: The Namibian Press Agency

The Namibia Revenue Agency (NamRA) has announced that significant progress has been made in the investigations of the fraudulent income tax refund scam that began in March 2022.

According to NamRA’s Chief of Strategic Communication and Support Engagements Yarukeekuro Ndorokaze in a media statement on Thursday, as of 18 July 2023, NamRA investigations had implicated a total of 1 168 taxpayers.

He said that the 1 168 taxpayers are employed at 84 institutions, encompassing private companies, government offices, ministries and agencies (OMAs), as well as public institutions.

“The total refund amount under scrutiny has increased from the initial amount of N.dollars 15 million in March 2022 to N.dollars 833 million, a substantial increase from the N.dollars 136 million reported in January this year,” Ndorokaze said.

Moreover, NamRA’s relentless efforts in the recovery process have yielded N.dollars 19.9 million through intensive recovery interventions, he said.

To date, 56 criminal cases have been registered with the Namibian Police Force, and only five suspects have been arrested and charged. More suspects are expected to be arrested in the coming weeks.

Ndorokaze said that NamRA remains unwavering in its commitment to enforce revenue laws and will thoroughly investigate any related malpractices.

As the investigations continue, NamRA will keep the public informed of further developments, he said.

Source: The Namibian Press Agency

The Association of Distributors and Transporters of Petroleum Products (ADITOP) has kicked against the arbitrary increase of truck loading fees for Premium Motor Spirit (PMS) also known as petrol by the Petroleum Tanker Drivers Association (PTD).

The National President of the association, Alhaji Lawal Dan-Zaki made this known in a statement in Abuja on Thursday.

According to him, one of the major concerns of the association is the alleged alarming abuse, impunity, and arbitrary increase of levies imposed by the PTD.

“At present, the PTD collects N60,000 per truck for loading and is planning a further increase.

”We in the ADITOP vehemently oppose this. This exorbitant increase places undue burden on the already struggling general public and serves no productive purpose at this critical juncture in the downstream sector,” he said.

He said that the ADITOP firmly believed that no union or association in the oil and gas industry should be permitted to collect unreasonable levies per truck of PMS.

“By doing so, the association aims to restore a fair and just system that promotes cooperation and sustainability across the industry.

“Due to these unpatriotic and illegal collections, the members of ADITOP wish to inform the general public and all stakeholders in the downstream sector of Nigeria’s oil and gas industry that the association will soon commence nationwide operations.

“This will include but not be limited to nationwide road service and safety measures for members in addition to the collection of levies.

“We cannot stand by and allow this blatant impunity against our members to persist.

“We urgently call on the Federal Government to intervene promptly and halt the petroleum tanker drivers from terrorising other stakeholders in the oil industry.”

Source: News Agency of Nigeria

Ethiopian Investment Commission in collaboration with the Embassy of China in Addis Ababa is holding a three-week seminar and training on Investment Promotion for Ethiopia in Beijing, China, starting from 14th of July to 4th of August, 2023.

The purpose of the seminar is to enhance understanding and deepen friendship between participants through mutual learning and exchange, according to House of Peoples’ Representatives.

It is also to create a platform for international exchange and cooperation among developing countries including China through learning practical experiences on promoting investment and trade.

At the opening of the seminar, Deputy Chairperson of Trade and Tourism Affairs Standing Committee of the House of Peoples’ Representatives, Asemahagn Aseres appreciated the commitment of China to help developing countries to come out of poverty by sharing the practical experiences the country went through.

“Ethiopia and China are enjoying more than 50 years of diplomatic relations, no matter the international landscape changes, the Ethiopia-China cooperation and friendship have remained unbreakable and grown stronger over time,” he said.

He added that in the last 50 years, there were low and high times for both countries before the international community; no matter what situation there was, our two countries’ relations were excellent.

“In the recent parliament session, PM Abiy Ahimed mentioned and appreciated the generous China aid provided to Ethiopia, and constructed a marvelous scenery called “Friendship Square” at the epic center of Addis Ababa, in front of the Ethiopian Palace”, he added.

“We want to learn from the Chinese way of doing investment, and that is why we are here. We know that China achieved extraordinarily in terms of economic development, and lifting millions of citizens out of poverty in a short period of time. Ethiopians want to learn and draw lessons from this great achievement”, Asemahagn concluded.

Deputy Director of China Aid Training Programs of the Academy for International Business Officials (AIBO) under the Ministry of Commerce in China, Zheng Mingyuan, welcomes the team from Ethiopia and reiterates the commitment of China’s readiness to share the path it went through to help the country to eradicate extreme poverty from Ethiopians.

“China eradicated extreme poverty in 2020, reached nearly 12,000 USD per capita now, the second largest economy in the world, planned to reach 30,000 USD per capita in 2035”, he pointed out.

Academy for International Business Officials (AIBO, also known as Training Center of the Ministry of Commerce), the only education and training institution directly affiliated to the Ministry of Commerce of China, hosts the seminar.

AIBO has been carrying out foreign training missions since 1998, and it was the first to offer training courses such as economic management to officials from developing countries. The training covers a wide range of topics, including economic management, trade and investment, urban planning and management, and telecommunications.

The seminar also contains lectures and field visits, and a range of topics including the “Belt and Road” initiative, China’s reform and opening-up and economic development experience, functions of China’s investment institutions and investment promotion system.

Members drawn from the Trade and Tourism Affairs Standing Committee of the House Peoples’ Representatives, officials from Ethiopian Investment Commission and regional investment commissions are participating in the seminar.

Source: Ethiopian News Agency

The Opuwo Town Council (OTC) has since last week started registering and awarding fitness certificates to all new enterprises operating within the town’s boundaries.

The registration procedure is intended for all persons, corporations and organisations that are trading in the town in accordance with section 94(1) of the Local Authorities Act (Act No. 23 of 1992) in order to get a fitness/business registration certificate. Existing businesses will also be required to renew their registration.

McSean Makono, OTC’s Small Medium Enterprise and Business Promoter, told Nampa on Wednesday that Council expects to register as many businesses as possible before the end of August, with 500 vendors registered thus far.

Makono stated that all businesses operating in Opuwo are required by law to register with the council in order to safeguard their operations and prevent others from operating under the same organisation’s name.

“Town council is mandated by the Local Authority Act, Act No. 23 of 1992, to provide means for services, and all businesses operating within council boundaries should register with the council. We should have data on businesses in town. Knowing the statistics of businesses operating within its borders is critical for the council,” he added.

Makono went on to say that the cost of business registration and fitness certificates is determined by the size and kind of business.

Furthermore, Makono also advised that organisers of events such as bazaars should obtain a temporary license from the council, in order to comply with the liquor licensing legislation as encouraged by the magistrate.

The registration of businesses, he stressed will help the council in strengthening the town’s marketing image and conducting business in Opuwo.

Furthermore, Makono stated that all businesses must have a permanent structure or an actual physical location in order to be registered.

OTC will implement regulating measures to verify that all businesses operating inside the town’s limits are registered in accordance with the local government laws, he said.

Makono said that people or firms that fail to register their business will be fined N.dollars 2 000.

Source: Namibia Press Agency

The African Business Council (AfBC) said creating an enabling environment for young people in the continent would help them benefit from the African Continental Free Trade Area (AfCFTA).

The Council is established as an institution in line with the African Union Assembly Decision of 2012 on Boosting Intra African trade and Fast Tracking the Establishment of the African Continental Free Trade Area, it was learned.

AfBC President Amany Asfour told ENA that the African Business Council has more than 20 specialized committees in the Council, including agriculture, energy, fashion industry, construction, infrastructure and women, working in conducting studies and research to find out challenges facing youth and tackle them.

According to the president, the most important challenges facing young people are lack of information, financing, and marketing among others.

To this end, she stressed the need to tap the capabilities of African youth in implementing the continental free trade area by developing the work of small companies and increasing the competitiveness of products in the continent.

“To obtain effective benefits from the continental free trade, networking must be achieved between all African productive sectors, where correct and timely information can be obtained” she indicated.

Asfour added creating a supportive environment for young people, linking them to technology and training them to be beneficiaries of the continental free trade area is also imperative.

She further elaborated that the engagement of the youth in continental free trade areas would also increase trade exchange between the countries of the African continent.

Asfour expressed the council’s readiness to build the capacities of African youth through business incubators and youth capacity development centers affiliated with the council in Africa.

She further called on African small companies to participate in a competitive program that will be launched to link microenterprises with financing institutions.

“There are many developmental programs carried out by the Council, including the youth program and how to become the next millionaires in the continent through competitions and television programs to find appropriate solutions to African problems, and through this, the investment partner and financiers are summoned for these Start-up companies.”

The president of the Council has praised the African Job Creation Summit, which was hosted by Ethiopia from July 7-9, 2023 and its role in supporting efforts to develop youth skills, create decent jobs, and develop a roadmap to support small businesses in Africa.

Source: Ethiopian News Agency