No. WIN/Com/201/1/2018
High Commission of India
Windhek
MONTHLY COMMERCIAL REPORT FOR FEBRUARY, 2018
INTERNAL
1Vedanta’s zinc recorded the highest quarterly production:As reported by Vedanta on their latest production results on February 2, 2018, Skorpion Zinc produced about 62 000 tones of refined zinc in the first nine monthof the 2017 financial year. It also recorded the highest quarterly production of 26 000 tones in its third quarter ending December 2017 following 23 000 tones and 14 000 tones respectively in the previous two quarters.
2.Weatherly invested millions into CARN: As reported by Weatherly on February 5, 2018, Weatherly International Plc invested US$ 600 000 to increase its shareholding in China Africa Resources Namibia Limited (CARN) from 25% to 90% shares. Weatherly purchased all of ECE’s shares in CARN which was at 65%. Currently Weatherly owns 90% shares from CARN.
3.Namibia raised N$ 2.9 billion on JSE since 2012: As reported by Ministry of Finance, Namibia raised about N$ 2.9 billion from an N$ 7 billion bond portfolio floated on the Johannesburg Stock Exchange since 2012.Bond code NAM01, raised N$ 1.6 billion, NAM 02 raised N$ 800 million, NAM03 raised N$ 157 million, and NAM04 raised N$ 335 million. The rest of the N$ 7 billion bond portfolio has not been taken up.
4.Government spent N$ 12 billion on SoEs in 2017: As reported by Minister of Public Enterprise Leon Jooste on February 26, 2018 at the annual stakeholders’ meeting in Windhoek, the government spent more than N$12 billion to sustain the State-Owned Enterprises in 2017.The N$ 8.8 billion was in guarantees and N$ 3.4 billion as subsidies. The total debt of public enterprises stood at N$ 43 billion, representing 25% of the country’s GDP. The minister expressed his displeasure regarding the matter by saying that public Enterprises have become a burden to the state and the government will not continue to bail out non-performing public enterprises especially in the situation of financial constraints the government is currently facing.
5.Inflation dropped in 2018: As reported by Namibia Statistics Agency on February 15, 2018, the annual inflation rate for January 2018 is recorded at 3.6% compared to 8.2% in January 2017. Inflation categories like health, education and transport have increased in January 2018 by 6.2%, 10% and 6.3% compared to 5.6%, 8.2% and 5.2% respectively in 2017.
6.World’s largest diamond mining vessels to be used off Namibian coast: As reported by the De Beers Group on February 22, 2018, the new vessel that will cost about N$ 7 billion will begin operations in 2021 in Namibia together with other five mining vessels in the Debmarine Namibia. The aim of the new vessels is to expand marine diamond mining operations in Namibia and it will be the world’s largest diamond mining vessels for Debmarine Namibia.
7.NUST’s faculty wins 2017 India-Africa ICT Excellence Award: The faculty of computing and informatics (FCI) at Namibia University of Sciences and Technology won the 2017 India-Africa Excellence Award in Academic Research category on December 2017 held in New Dehli, India.The summit participants established an Asia-Africa Development council, to address issues in line with United Nations Sustainable Development Goals such as promoting cooperation, tourism, trade and educational development amongst African countries and Asia.
8.World Economic Forum ranked Namibia’s roads best in Africa: As reported in the World Economic Forum‘s (WEF) global competitiveness report for 2017/18, Namibia was ranked in the top position having the best roads in Africa.Among other African counties Namibia scored 5.2 out of 7, above Ecuador, Bahrain, Qatar and Great Britain which all scored 5.1 and South Africa and Rwanda who score 5.0 each.
9.Namibia ranked fifth least corrupt in Africa: As reported by Transparency International (TI) ‘s Corruption Perception Index (CPI) on February 22, 2018, Namibia was ranked 53rd out of 180 countries globally, and fifth on the African continent in corruption, scored of 51 out of 100. Due to its fight against corruption, good governance and its tolerance on freedom of the press, association and expression, Namibia has been ranked one of the least corrupt countries.
EXTERNAL
1.Japan donated N$ 9.5 million for drought for drought, floods: Japan have donated N$ 9.5 million to the government of Namibia to help out at the seven northern regions that are affected by flood, drought and health issues.The Ambassador of Japan to Namibia Hiduyeki Sakamoto handed over the grant to the Ministry of Health and Social Serviceson February 26, 2018.
BILATERAL
1.Visas and trade enquiries in the month of January 2018: Mission received trade enquiries reg. different types Healthcare supplies, Agricultural Products, Tiles, Filtration products, textiles, steels and minerals products etc.
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, Government of Namibia
High Commission of India, Windhoek
Namibia Trade Directory
March 2018
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