Namibian President: SADC summit pushes towards a stronger and more independent regional economy
Launch of a 5 billion rand regional financing mechanism to support manufacturing
Written by: Mohammed Omran
Namibian President Netumbo Nandi-Ndaitwah returned to her country from Cape Town, South Africa, after participating in the ninth summit of heads of state and government of the Southern African Customs Union (SACU).
Namibian President: SADC summit pushes towards a stronger and more independent regional economy
In remarks following her arrival, the President said that the summit witnessed fruitful discussions on the future of the Customs Union and ways to enhance its role in serving the people of member states in light of the increasing uncertainty in the world.
She added that the leaders agreed that recent geopolitical developments, including the unrest in the Strait of Hormuz, highlighted the need to reduce over-reliance on foreign markets, and to promote regional cooperation, manufacturing, and intra-African trade.
Launch of a 5 billion rand regional financing mechanism to support manufacturing
The President welcomed the decision to establish an innovative regional financing mechanism worth 5 billion rand, which will support manufacturing efforts and finance strategic cross-border projects, contributing to boosting economic growth and creating jobs in the Union countries.
Nandi-Ndaitwah also stressed the importance of leveraging the region’s abundant natural resources through value addition and local manufacturing, emphasizing that this is a fundamental pillar for creating jobs and building more resilient economies.
The President praised the positive and constructive atmosphere that prevailed during the summit, stressing that member states remain united in their commitment to preserving the future of the Customs Union and ensuring the common prosperity of their peoples.
