**6. Conclusion**

*Perspectives on Economic Development - Public Policy, Culture, and Economic Development*

gender equality and will lead to economic growth [21].

special amortization plans have been introduced [46].

**5.7 Sustainable development and economic diversification**

also harm their economy or even worse exploit them [28].

*African Customs Union* (*SACU*).

a greater awareness of the country [42].

consuming sectors, e.g., fishery [28].

Additional economic weaknesses of Namibia are also pointed out by *CDIS*. According to *Culture for Development Indicator Suite*, the Namibian government should further work on the domestic level of education. Such results in higher

In order to achieve further development, *CDIS* also suggest investments to infrastructure, transportation, and *information and communication technology* (*ICT*). These suggestions have already been recognized and were part of Namibia's fourth

*Foreign direct investments* (*FDIs*) are another crucial component for the development of any economy [47, 48]. *The Global Economy* indicates significant economic success with a continuously annual *FDI* of approximately 5–6% of GDP [49]. Between the years of 1986 and 2017, Namibia achieved an average *FDI* rate of 4.21% in *GDP* [49]. According to latest data from the World Bank, the nation

The Namibian government tries to increase these numbers by several incentives which favor *MNEs* to invest. For instance, a no-tax policy for certain machinery and

Furthermore, Namibia joined several programs, institutions, and trade zones: *World Trade Organization* (*WTO*)*, World Bank, International Monetary Fund* (*IMF*)*, Foreign Investment Act, Doha Development Agenda, Export Processing Zone*, and *South* 

This should lead to higher profits from trade, an increasing number of *FDIs*, and

Namibia's *Ministry of Industrialization, Trade and SME Development* introduces further incentives. These incentives give Namibia access into the manufacturing markets of the USA, the EU, and other nations. They also promote foreign investments by allowing manufacturers to locate their operations wherever they want [46].

On the one hand, the Namibian government tries to raise its reputation on the global trade market. *MNEs* should invest in the nation and stimulate the domestic industry toward sustainable development. This needs to be done carefully because the current degree of industrial action is low. *MNEs* have high influence and could

On the other hand, the government of Namibia needs to pay attention to its already limited natural resources. According to *Krugmann*, those are land, water, and fish stock. Higher rates in *FDI* are often attached to an increasing consumption of resources. This especially holds true for investments in already high resource-

Therefore, the Namibian government has to diversify its economy, in order to achieve sustainable development. *Krugmann* mentions that it is necessary to find the

Hence, plenty of challenges are arising. For instance, almost all of these factors are interlinked with each other. Isolating and influencing single ones are almost

The increasing number of Namibian citizens, which is equivalent to higher participation in their economy, is resulting in an upward trend in air and water pollution. This is leading to either exploitation of scarce resources or land contami-

*Krugmann* emphasizes that access to limited resources should be efficient, as well as restricted. In terms of water, it would result in higher import rates of water-intensive goods, e.g., tomatoes. Regarding efficient usage, recycling, reusing,

balance between economic, environmental, and social objectives [28].

*National Development Plan* during 2012/2013 and 2016/2017 [1, 21].

accomplished an amount of almost 220 million USD in *FDI* in 2018 [2].

**56**

impossible.

nation [28].

Historic events are large-scale contributors in shaping the fragmented society and the slightly growing economy that Namibian is currently facing. Poor conditions majorly emerged out of former occurrences, as, e.g., colonization, genocide, apartheid, and foreign administration. Domestic residents have to deal with tremendous trust issues among different cultures and societies as well as with one of the highest inequalities worldwide.

The Namibian government evolved effective ways in order to tackle the appearing social and economic objectives. One of them is the repetitive process of designing a *National Development Plan* that gets replaced every 4–6 years. Thus, it is able to ensure performing flexible in their combat of occurring challenges.

According to the economic situation of Namibia, the country exhibits a minor degree of industrialization that leads to huge opportunities for *multinational enterprises* to stimulate the domestic economy. Simultaneously it causes threats in terms of exploitation through external interests.

Special attention needs to be paid toward the nation's already scarce natural resources, which are mainly represented in land, water, and fish stock. Finding the balance between the sustainable economic growth and the right degree of using natural resources will remain as a national objective.

Furthermore, Namibia is supposed to develop its own socioeconomic actions on a regional and international basis, in order to strengthen their self-esteem and the Namibian identity.
