News — namibia

Namibia is seeking new markets for its beef and has launched several studies which show promising results, the country’s meat board said on Monday.

The Meat Board of Namibia (MBN) said it is scouted for newer markets for Namibian beef to expand opportunities for farmers.

According to the MBN, it is seeking to add to its traditional markets, namely South Africa, China, the United States, Norway and the European Union.

The meat board said it has conducted research regarding several Middle Eastern markets which has shown promising results.

“Current markets are Foot-and-Mouth Disease sensitive and therefore Middle-Eastern markets can offer alternatives,” the board said in a statement.

“We need to be cognizant of the current limited production of cattle and beef as a consequence of the 2019 drought, and that further research on alternative markets will not necessarily lead to market utilisation,’’ said the statement.

The MBN also noted that total cattle marketing decreased by 31 per cent in the January to August period, in spite producer prices showing a 2per cent increase for slaughter cattle and a 39per cent increase for weaner calves.

Exports of weaner calves that represent 63 per cent of the total cattle market share decreased by 49 per cent during the reported period, it added.

In February, Namibian meat processor Meatco sent the South African country’s first shipment of beef to the US, making it the first country in Africa eligible to export beef to the US.

After undergoing several audits, health and safety protocols since Namibia became eligible in 2016, the consignment was the first official commercial shipment to the US.

Namibia’s livestock industry is worth approximately N$3.9 billion annually, according to Meat Board 2019 statistics, with Meatco’s share around 50%.

The World Business Angels Investment Forum recently announced African Development Bank as its newest Board Member, a position that will see the Bank represent Africa's early-stage equity markets, entrepreneurship and startup ecosystems, small and medium enterprises and high-growth businesses, angel investors, and private equity funds.

The forum promotes access to finance for businesses from start-up to scale-up, with the goal of generating more jobs and social justice worldwide.

"I am confident that by including the African Development Bank, World Business Angels Investment Forum will be able to provide a wide range of opportunities for start-ups, scaleups and high growth businesses in Africa--ones that will open the doors for economic development. By working together across borders, with a common vision, and with these smart dynamics in mind, we are well placed to bring about positive change in the Africa and global economy," said Baybars Altuntas, Executive Chairman of World Business Angels Investment Forum.

Abdu Mukhtar, the Bank's Director of Industrial and Trade Development, will occupy the Bank's Board seat.

'I am excited about joining the World Business Angels Investment Forum Board and am quite impressed by its vision. Support for innovation, entrepreneurship and SME development is very important to us, especially since these areas are directly linked to some of our development objectives, including job creation and women empowerment," said Director Mukhtar.

The African Development Bank is Africa's preeminent Development Finance institution with a capital base of $208 billion as at November 2019.