President Geingob inaugurates Peugeot assembly plant in Walvis Bay

President Geingob inaugurates Peugeot assembly plant in Walvis Bay
Photo credits: 
Namibian Presidency

President Hage Geingob has inaugurated a multi-million dollar Peugeot assembly plant in Walvis Bay, signifying Government's intent to realise Namibia's industrial revolution.
Geingob was impressed with the plant saying it boosts Namibia's intent to become a top destination for foreign direct investment (FDI).
The President says Namibia is still faced with severe poverty, unemployment and unequal distribution of income.
He hopes that the plant would create sustained and shared economic development to eradicate such challenges.
Geingob expects the investment to create economic diversity and for local small and medium enterprises to benefit from it.
The assembly plant is a partnership by French car manufacturer Peugeot and Government through the Namibia Development Corporation (NDC).
After pumping in N$190 million, the plant has produced its first 15 cars as promised at the beginning of 2018.
Peugeot Namibia vice president Emre Karaer says the target is to produce half a million vehicles by 2020 to meet the Southern African Customs Union's (SACU) market demand.
He further added that the partnership materialises the company's ambition to develop and sell vehicles locally.