No.WIN/Com/202/1/2017
High Commission of India
Windhek
MONTHLY COMMERCIAL REPORT FOR OCTOBER, 2017
INTERNAL
- NSX lists first capital pool company
Nimbus Infrastructure Limited, listed on the Namibia Stock Exchange on October 06, 2017 as a private placement, became the first capital pool company to list on the Namibian bourse. The listing of Nimbus was a joint initiative between Cirrus Capital, Paratus Namibia and Cronje & company. The initial capital raising saw in excess of N$100 million, raised from institutions and retail investors, for investment into information communication technology projects and institutions in sub-Saharan Africa.
- Namibia Stock Exchange celebrates 25 years
The Namibian Stock Exchange (NSX) marked its 25th anniversary on October 19, 2017. According to the media statement, the NSX was launched with four companies listed and a market cap of N$ 8.6 billion. The Namibian Stock Exchange was opened for business in 1992 with only one broker. Throughout the years, the stock exchange grew significantly and became the second largest stock exchange by market cap in Africa. The NSX is home to 43 companies with a market cap of N$1.844 trillion, the statement noted. Currently, the NSX has four stockbrokers and twice a year it sets examinations for stockbrokers.
- Tschudi produces more copper cathode
During the quarter ending in September 2017, Tschudi mine produced more than 4000 tonnes of copper cathode, recording the highest quarterly production so far this year. Releasing the latest results, majority shareholder Weatherly International Plc said that the 4105 tonnes of copper produced was 21% more than the previous quarter. It was also 12.7% higher than production in the sameperiod in 2016. Cathode production for the three months under review was 3% below nameplate over the quarter. However, Weatherly said that the nameplate production levels were re-attained by the end of the quarter, and were expected to be maintained going forward.
4. AMTA explores market for Namibian dry beans
The government was aiming to establish a local market for dry beans for the first time and the outcome of an in-depth study in this regards was expected to be ready by April 2018. Gilbert Mulonda, Manager of trade and promotions at the Agricultural Marketing and Trade Agency(AMTA),announced it during the annual general meeting(AGM) of the Groundnut Association of Namibia in summer down.
According to Gilbert Mulonda, nutrient analyses were performed on marama beans(Tylosema esculentum) from different locations in Namibia and from three consecutive rainy seasons. Resultsfrom the study showed that the roasted Namibian marama beans contain high level of protein. The fatty acids were unsaturated and 87% were a combination of oleic acid, linoleic acid and palmitic acid as well as other vitamins. Mulonda also stated that to meet the future food and nutrition demands of an increasing population in Southern Africa, and to make optimal use of marginal land, little-known plant species should be investigated.
5. Namibia –China host seminar on Agriculture
The Ministry of Agriculture, Water and forestry (MAWF) hosted a two-day Namibia-China Agriculture Information sharing seminar to exchange information that would identify possible areas of future cooperation in the agricultural sector. During the official opening, MAWF permanent secretary Percy Musika stated that the agricultural sector is considered as the backbone of the country’s economy, as about 70 percent of the population depends directly and indirectly on agriculture in terms of food, income and employment.Misika added that China is a great example that Namibia learn from, as it developed within 38 years through agricultural production. Speaking at the same event, economic and commercial councellor for the Chinese Embassy in Namibia Lui Huabo expressed appreciation for the diplomatic relationship between Namibia and his country since March 1990 through investment that expanded to more industries. Lui noted that the two Governments had new proposals that included agriculture, education, infrastructure, energy and renewable energy.
EXTERNAL
- Zambia transit volumes along Walvis Bay Corridor read 40,000 tonnes
Despite about 400 trucks impounded in Zambia earlier this year (2017), transit volumes for goods to and from Zambia reached a new high of more than 40,000 tones for September 2017. This record level of goods in transit between Namibia and Zambia came in the aftermath of the Zambian government impounding trucks from neighboring countries to verify their relevant transport permits. The most recent statistics from the Walvis Bay Corridor Group, which tasked to promote the Walvis Bay-Ndola-Lubumbashi Development Corridor (WBNLDC), indicated that import and export volumes for Zambian Market via the Port of Walvis Bay grew by 15 percent over the last financial year.
MISCELLANEOUS
- Bank of Namibia keeps repo rate unchanged.
The bank of Namibia on October 24, 2017, left its repo unchanged at 6.75%, contrary to analysts lobbying for interest rate relief to ease the burden on the consumer and to give the economy a much needed boost. It means that the commercial banks in the country would leave their prime-lending rate stuck at 10.5% too.According to Bank of Namibia Governor, the decision was taken following a global review, regional and domestic economic and financial developments. Though overall growth remains weak, some key economic indicators in the domestic economy improved during the first eight months of 2017 compared to 2016. Inflation remained low. Growth in private sector credit extension (PSCE) slowed and the stock of international reserves increased.
Visas and trade enquiries in the month October2017: Mission received trade enquiries reg. different types Healthcare supplies, Tires and Tubes, Animal feed/additives and supplements,Agricultural Products, Tiles, Filtration products, Coffee and Coffee products etc.
In the month of October 2017, 1 business visa was issued.
Useful Links:
Bank of Namibia (BoN)
Namibia Statistics Agency (NSA)
Global Export Import Market Intelligence
Ministry of Industrialization Trade & SME Development, Government of Namibia
Namibia Chamber of Commerce and Industry (NCCI)
India-Namibia Chamber of Commerce and Industry (INCCI)
Namibia Investment Centre (NIC)
Ministry of Finance Namibia
High Commission of India, Windhoek
Namibia Trade Directory
October 2017