Namibia and South Korea have joined forces to form important and long-term relationships in order to transform the landscape of energy and resource collaboration.

The Korea-Namibia Energy and Resources Business Forum, held on 4 September in Windhoek, represented a significant step in fostering collaboration in important areas with the potential to alter the global energy industry.

Namibia Investment Promotion and Development Board (NIPDB) Executive Director for Strategy and Branding Margareth Gustavo stated that Namibia’s key sectors of interest included renewable energy, food production, chemicals, transportation, logistics, business services, metal and mining, e-commerce, and exploration.

While Namibia has a trade deficit with South Korea, she argued that the country’s export proficiency in uranium, diamonds, fish, seafood, and agricultural items contributes to a dynamic economic interchange between the two nations.

“Namibia’s natural resources and human capital make it an economic hub and a space adapted for growth.”

Namibia is actively involved in oil and gas, green hydrogen, renewable energy, uranium, and biomass, which, she says, demonstrates a long-term commitment to energy security and sustainability. She further emphasised Namibia’s commitment to a diverse energy portfolio.

“Namibia’s attraction as an investment destination stems from its strategic market access location and participation in trade agreement organisations such as the African Continental Free Trade Agreement (AfCTA).

“The country has a stable political environment, financial sophistication, established FDI status, investor protection, human rights respect, advanced infrastructure, logistical capabilities, investment repatriation options, economic liberty, an accessible workforce, and abundant natural resources,” she pointed out.

At the same forum Sanghoon Lee, President of the Korea Energy Agency, underlined the need for significant and long-term collaborations, adding that “the bilateral agreements between the two nations form part of a long maintained relation that will highlight innovation.”

Green Hydrogen Commissioner James Mnyupe stressed the importance of green hydrogen in tackling energy concerns, stating that “due to the various partnerships Namibia has, its positioning allows for international engagement and participation in the energy sector.”

“The renewed emphasis on developing bilateral connections reflects the two countries’ (Namibia/South Korea) shared commitment to not only commence collaboration but also to nurture and deepen these relationships over-time,” Mnyupe said.

This strategy, he said, goes beyond economic transactions, indicating a commitment to mutual progress, common goals, and a long-term future.