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WINDHOEK, Aug. 12 (Xinhua) -- President Hage Geingob has signed into law the Namibia Investment Act that promotes sustainable economic development and growth through mobilization and attraction of foreign and domestic investment.
The bill that was signed Friday also seeks to reserve certain economic sectors and business activities to certain categories of investors.
In addition, the new law aims to provide for dispute resolution mechanisms involving investment.
Geingob said the Act will provide a clear and transparent framework for investment; provide for an efficient dispute resolution mechanism in the event of a dispute arising over investment as well as provide for inter-ministerial coordination in regulatory provisions, incentives and support mechanisms for investments.
The Business and Intellectual Property Authority Act also signed into law will be the focal point for registration of business and industrial property and for the administration and protection of business and intellectual property.
This Act will provide clarity to investors about the investment environment as well as facilitating a One- Stop-Shop approach to investment.
"We look forward to more streamlined processes and procedures to ease the regulatory burden of doing business in Namibia," Geingob said. Enditem
