Namibia Travel Guide

Namibia — Business

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Statistics

•GDP: US$7.78 billion (2008).
• Main exports: Minerals, beef, cattle and fish.
• Main imports: Food, fuel, construction materials, machinery, manufactured goods.
• Main trade partners: South Africa, UK, Spain, Japan and USA.

Economy

The mining industry is strong, providing more than half of Namibia's foreign exchange income. Namibia is the fifth-largest producer of uranium in the world. Other minerals extracted include silver, copper, lead, zinc, tungsten and some of the world's highest-quality diamonds. Livestock dominates the agricultural sector. A substantial proportion of the workforce is engaged in subsistence farming of crops such as wheat, maize and millet; their yield is under constant threat from desertification. Even in a good year, Namibia only grows around 50% of the cereal its population consumes, importing the remainder. Namibia also has an active commercial fishing industry. Manufacturing is mainly devoted to processing raw materials and agricultural produce.

Most of the country's trade is with South Africa and involves the exchange of raw materials for manufactured goods. Recent economic policy has seen many former state enterprises transferred to the private sector. The economy has performed reasonably well during the last decade but inflation has recently accelerated. Annual growth in 2008 was 3.3% and inflation was 10.3%. Unemployment hovers at around 5%, not including subsistence farmers.

Business Etiquette

Lightweight suits are advised. Prior appointments are necessary. English is widely spoken in business circles. The best times for business are February to May and September to November.

Office hours: Mon-Fri 0800-1700.