Namibia is aggressively pursuing its growth ambitions through its new development plan, the Harambee Prosperity Plan 2016 to 2020, as it heads to South African shores to rally investment and promote its potential investment projects prior to its upcoming Invest in Namibia International Conference 2016.

The neighbouring country is also working to correct the imbalanced trade relations between it and South Africa, while developing potential synergies to harness trade with other African States.

South Africa had always been Namibia’s top trading partner; however, the trade balance remained disproportionate, tilting heavily in favour of South Africa, Namibian President Dr Hage Geingob said on Thursday.

In 2014, Namibia’s imports from South Africa were valued at R51-billion, while its exports to South Africa were only R8-billion. By 2015, this had widened to R62-billion in imports and R11.4-billion in exports.

South Africa was Namibia’s top export and import destination, but there needed to be a balance, Geingob said at a promotional launch for the upcoming conference, which will take place in Windhoek from November 8 to 9.

The launch event was aimed at strengthening Namibia–South Africa trade relations and promoting investment opportunities in the areas of energy, agriculture, low-cost housing, tourism, manufacturing and infrastructure development.

“Increased South Africa–Namibia trade, as well as economic growth within Namibia have paved the way for numerous new investment and joint venture opportunities for South African businesses seeking expansion into Namibia,” he said.

Geingob added that several reforms were under way to facilitate the ease of doing business, particularly through the Harambee Prosperity Plan.

Harambee, a Kiswahili word meaning ‘Pull together in the same direction’, is a targeted action plan to accelerate development in priority areas and to lay a solid foundation for future planning phases.

The plan complements the long-term goal of the country’s National Development Plan and Vision 2030, but introduces an element of flexibility in the Namibian planning system by fast-tracking development in high-impact priority areas.

Harambee is based on five pillars, namely effective governance; economic advancement; social progression; infrastructure development; and international relations and cooperation.

Namibia is also prioritising inter-African trade, with the President pointing out that the 13% trade between countries means that the continent is failing to harness the synergies of its own neighbouring economies.

“African countries have neglected inter-African trade,” Geingob told delegates, comparing the continent’s trade progress with that of the European Union’s 60% of trade within the region’s borders and North America which held 40% of its trade internally.

Minister in the Presidency of South Africa Jeff Radebe noted that there was a need to find ways of leveraging the advantage that the positioning of South Africa and Namibia in the Southern African Development Community region offered, as well as building on the strong ties and moving forward together.

While a lot of work had been done and progress made, Gauteng Premier David Makhura believed that not enough was being done to foster regional integration, unlock the ease of movement between countries and promote inter-African trade.

The preconference launch occurred as dignitaries attended the Bi-National Commission Meeting (BNC) between the two Southern African countries, which was attended by South Africa’s International Relations and Cooperation Minister Maite Nkoana-Mashabane and Namibia’s Deputy Prime Minister and Minister of International Relations and Cooperation Netumbo Nandi-Ndaitwah.

South Africa and Namibia have 71 signed agreements and memoranda of understanding.