Chinese President Xi Jinping says that he will encourage Chinese companies to invest in Namibia, as the Asian nation looks to strengthen cooperation in various fields, including clean energy.
Xi made the remarks during a meeting with President Hage Geingob on the sidelines of the recently held 15th BRICS Summit, according to a statement issued by the Chinese government.
Through a series of initiatives such as Belt and Road cooperation (BRI), Xi said, “China offers opportunities to developing countries to achieve joint development and prosperity, and advocates for more equal rights for developing nations.”
According to the Chinese Ministry of Commerce (MOFCOM), new BRI engagement statistics covering the period from January to March 2023 show that Namibia has experienced a 457% growth in BRI engagement compared to the previous year.
President Hage Geingob expressed Namibia’s firm support for China and welcomed Chinese enterprises to invest and collaborate in Namibia.
He also expressed readiness to collaborate with China to further develop bilateral relations.
“The Namibian side has drawn great inspiration from the principles of socialism with Chinese characteristics and is charting a path to modernization with Namibian characteristics,” he said.
The development follows a visit of Zhang Jinhua, the administrator of the National Energy Administration of China, to Namibia in April.
During the visit, Zhang Jinhua met with President Hage Geingob to establish cooperation in the field of green hydrogen production, as Namibia seeks to learn from China’s experience in producing renewable energy and renewable energy components.
China is presently one of the world’s leading and fastest-growing producers of renewable energy.
The Namibian government anticipates generating nearly N$4 billion in annual revenues from Green Hydrogen projects, with projected royalties amounting to N$627 million per year once full production capacity is achieved.
Hydrogen is considered an alternative fuel that industrialized nations are relying on to achieve their ambitious goal of net-zero carbon emissions by 2050.
According to the International Renewable Energy Agency, Namibia boasts a solar potential of 26,000 MW and a wind potential of 18,000 MW.
