Overview of Namibian economy

Overview of Namibian economy

Namibia, a large country with a population of 3.02 million, has a rich endowment of mineral resources, including diamonds and uranium. Its economy has seen significant contributions from the mining sector. The agriculture sector supports over 50% of the population, while tourism is emerging as a vital economic driver. Namibia's stable governance and substantial foreign direct investments showcase its economic potential.

 Namibian Trade

            Namibia's total trade was USD 15.4 billion in 2024 up from USD 13.2 billion in 2023. Namibia's primary trade partners include South Africa, Botswana, China and EU. India is ranked between 4th to 6th as import partner in recent years. Uranium, precious stones, and fish are among Namibia's top exports, while petroleum oils, machinery and medicament dominate its imports.

India’s trade with Namibia

            The volume of trade between India and Namibia in recent years is given below:

Trade in US$ million	2021-2022	2022-2023	2023-24	2024-25	2025-26
India’s exports	206	240.60	453.48	327.21	479.43
India’s imports	46	37.54	360.37	241.10	128.69
Total trade	252	278.10	813.85	568.30	608.12

India’s main export commodities to Namibia include petroleum products, drugs & pharmaceuticals, engineering goods, rice and cereals, machinery & mechanical appliances, while main imports from Namibia are copper and articles, bulk minerals & ores, iron & steel, precious & semi-precious stones, granite and natural stones, aluminium and articles etc.  

Indian investments in Namibia

            Indian investments in Namibia are mainly in mining, manufacturing, diamond mining and processing, construction and agriculture. Total investment is estimated at approx. USD 800 million.

Joint Trade Committee

India and Namibia established a Joint Trade Committee (JTC) in 1995. The third session of JTC was held in New Delhi in September 2016. Indian side was led by Ms. Nirmala Sitharaman, MoS(IC) for Commerce and Industry and Namibian side by Mr. Piet van der Walt, Deputy Minister of Industrialization, Trade and SME Development.

JWG on Geology and Mineral Resources

            Under the ambit of MoU on Cooperation in Geology and Mineral Resources signed August 2009, a Joint Working Group (JWG) was constituted to discuss and coordinate bilateral cooperation in development geological and mineral resources, promotion of investment, transfer of technology, value addition, development of SMEs, etc. 3rd Meeting of Joint Working Group (JWG) on Geology and Mineral Resources was held on 30 September 2025.

UPI

On 26 April 2024, NPCI International Payments Limited (NIPL) and Bank of Namibia signed a UPI technology Licensing Agreement enabling collaboration between the two sides in the area of digital payments. With this, Namibia became the first country in the world, where NIPL has signed a Technology Agreement for deployment of UPI like real-time payments system with a Central Bank.

Entrepreneurship Development Centre

G2G MOU on setting up of Entrepreneurship Development Centre in Windhoek was signed during PM Modi’s State Visit to Namibia in July 2025. Once the centre is operational in Namibia it will benefit youth of the country in acquiring entrepreneurial skills.

Health

            MoU on Cooperation in Health and Medicine was signed during PM Modi’s State Visit to Namibia in July 2025.

Global Biofuels Alliance

            Namibia formally joined the Global Biofuels Alliance (GBA) during PM Modi’s State Visit to Namibia in July 2025. Driven by India's leadership as an expert hub, the alliance helps partner countries reduce dependency on traditional fossil fuels, lower carbon emissions and tap into global clean-tech financing.

PTA with SACU

Namibia, alongwith South Africa, Botswana, Lesotho and Eswatini, is a member of South African Customs Union (SACU). A bilateral Preferential Trade Agreement (PTA) between India and SACU is under consideration. Terms of Reference of the PTA have been finalised and likely to be signed soon. 

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