Namibia is a stable, democratic country, and the Government of the Republic of Namibia is committed to stimulating economic growth and employment through foreign investment. The Ministry of Industrialization, Trade, and Small and Medium Enterprise Development (MITSMED) is the governmental authority primarily responsible for carrying out the provisions of the Foreign Investment Act of 1990 (FIA). On August 31, 2016, Namibia promulgated and gazetted the Namibia Investment Promotion Act (NIPA). However, this act has not been enforced due to substantive legal concerns raised by the private sector. Therefore, the FIA remains the guiding legislation on investment in Namibia.
The FIA calls for equal treatment of foreign investors and Namibian firms, including the possibility of fair compensation in the event of expropriation, international arbitration of disputes between investors and the government, the right to remit profits, and access to foreign exchange.
The government emphasizes the need for investors to partner with Namibian-owned companies and/or have a majority of local employees in order to operate in the country.
Namibia’s judiciary is widely regarded as independent.
There are large Chinese foreign investments in Namibia, particularly in the uranium mining sector. South Africa has considerable investments in the diamond mining and banking sectors, while India has investment in zinc. Foreign investors from the U.K, Netherlands, the United States, and other countries have expressed interest in oil exploration off the Namibian coast. European and Chinese companies are investing in the fisheries sector.
Namibia has a relatively small domestic market, high transport costs, relatively high energy prices, and a limited skilled labor pool. These disadvantages are offset by the main factors facilitating Namibia’s inward Foreign Direct Investment (FDI): political stability, a favorable macroeconomic environment, an independent judicial system, protection of property and contractual rights, good quality of physical and ICT infrastructure, and easy access to South Africa. Namibia also has access to the Southern African Customs Union (SACU), the Southern African Development Community’s (SADC) Free Trade Area, and markets in Europe.
As a post-apartheid country and having one of the highest rates of inequality in the world, Namibia continues to look for ways to address historic economic imbalances. Proposed legislation, the New Equitable Economic Empowerment Framework bill, will look to create economic and business opportunities for disadvantaged groups including in areas of ownership, management, human resource development, and value addition. The bill is expected to be tabled in Parliament in 2019.
The NIPA, although it is not yet in force, includes in Section 14 (c) a provision that the Minister responsible for investment must consider “…the net benefit to Namibia, taking into account the contribution of the investment to the implementation of programs and policies aimed at redressing social and economic imbalances in Namibia, including gender-based imbalances.”
|TI Corruption Perceptions Index||2018||52 of 180||http://www.transparency.org/research/cpi/overview|
|World Bank’s Doing Business Report “Ease of Doing Business”||2019||107 of 190||http://www.doingbusiness.org/en/rankings|
|Global Innovation Index||2018||93 of 126||https://www.globalinnovationindex.org/analysis-indicator|
|U.S. FDI in partner country ($M USD, stock positions)||2017||-$77||http://www.bea.gov/international/factsheet/|
|World Bank GNI per capita||2017||$4,570||http://data.worldbank.org/indicator/NY.GNP.PCAP.CD|
1. Openness To, and Restrictions Upon, Foreign Investment
Policies Toward Foreign Direct Investment
The Namibian government welcomes and encourages foreign investment to help develop the national economy and benefit its population. The FIA guarantees equal treatment for foreign investors and Namibian firms, including the possibility of fair compensation in the event of expropriation, international arbitration of disputes between investors and the government, the right to remit profits, and access to foreign exchange. Investment and tax incentives are also available for the manufacturing sector. The government prioritizes investment retention and maintains ongoing dialogue with investors including through investment conferences.
The Namibia Investment Center (NIC), housed at the Ministry of Industrialization, Trade, and Small and Medium Enterprise Development (MITSMED), serves as Namibia’s official investment promotion and facilitation office. Often the first point of contact for potential investors, the NIC is designed to offer comprehensive services from the initial inquiry stage through to operational stages. The NIC also provides general information packages and advice on investment opportunities, incentives, and procedures. The NIC is tasked with assisting investors in minimizing bureaucratic red tape, including obtaining work visas for foreign investors, by coordinating with government ministries as well as regulatory bodies.
Limits on Foreign Control and Right to Private Ownership and Establishment
Foreign and domestic entities may establish and own business enterprises and engage in all forms of remunerative activities. The Ministry of Home Affairs and Immigration grants renewable and non-renewable temporary employment permits for a period of up to 12 months for skills not locally or readily available. However, work permits and long-term residence permits are subject to bureaucratic hurdles. Complaints about delays in renewing visas and work permits are common.
Foreigners must pay a 10 percent non-resident shareholder tax on dividends. There are no capital gains or marketable securities taxes, although certain capital gains are taxed as normal income. As a member of the Common Monetary Area, the Namibian dollar (NAD) is pegged at parity with the South African rand.
There are no mandatory limits on foreign ownership. Government procurements usually require a variable percentage of local ownership.
Other Investment Policy Reviews
The Namibian government has not undergone any investment policy review in the past three years through the OECD, WTO, or UNCTAD.
In 2014, the Namibian government established the Business and Intellectual Property Authority (BIPA) to improve service delivery and ensure effective administration of business and intellectual property rights (IPRs) registration. BIPA serves as a one-stop-center for all business and IPR registrations and related matters. It also provides general advisory services and information on business registration and IPRs. Website:
According to the Business and Intellectual Property Authority Act of 2016, the functions of BIPA include:
- regulate and administer the registration of business and industrial property under the applicable legislation;
- consolidate the offices involved in the registration and administration of business and intellectual property;
- maintain information concerning business and intellectual property; and
- facilitate the flow of relevant information between BIPA and the business community, users of business and intellectual property, general public, and other regulatory authorities and government institutions.
Business in Namibia may be conducted in the form of a public or private company, branch of a foreign company, closed corporation, partnership, joint venture, or sole trader. Companies are regulated under the 2004 Companies Act, which covers both domestic companies and those incorporated outside Namibia but trading through local branches. To operate in Namibia, businesses must also register with the relevant local authorities, the Workmen’s Compensation Commission, and the Social Security Commission.
Most investors find it helpful to have a local presence or a local partner in order to do business in Namibia, although this is not a legal requirement. Companies usually establish business relationships before tender opportunities are announced. The World Bank’s Doing Business 2018 report notes that it takes 10 steps and an average of 66 days to start a business in Namibia. Some accounting and law firms provide business registration services.
Incentives are mainly aimed at stimulating manufacturing, attracting foreign investment to Namibia, and promoting exports. To take advantage of the incentives, companies must be registered with MITSMED and the Ministry of Finance. Tax and non-tax incentives are accessible to both existing and new manufacturers. The NIC maintains a list of investment incentives on its website:
Namibia has an Export Processing Zone (EPZ) regime that offers favorable conditions for companies wishing to manufacture and export products. The EPZ scheme is due to be phased out, possibly in 2019, and replaced by Special Economic Zones, although no proposals have been made as to what the new format would include. New applications are still being accepted under the existing EPZ regime. In 2019, there were 19 EPZ companies in operation, most of which were closely linked to minerals beneficiation, including Namzinc (which produces Special High Grade zinc at the Skorpion zinc mine), Namibia Custom Smelters (which produces blister copper from imported copper concentrates), and a variety of diamond cutting and polishing operations (which cut and polish locally and internationally sourced rough diamonds).
2. Bilateral Investment Agreements and Taxation Treaties
Namibia has ratified Bilateral Investment Treaties (BITs) with Austria, Finland, France, Germany, Italy, Malaysia, the Netherlands, Spain, and Switzerland. Angola, Cuba, China, the Russian Federation, and Vietnam have signed investment agreements with Namibia, but the agreements are not in force. There is no bilateral investment agreement between the United States and Namibia. In 2008, SACU (of which Namibia is a member) signed a Trade, Investment, and Development Cooperation Agreement (TIDCA) with the United States.
Namibia has double taxation agreements with Botswana, France, Germany, India, Malaysia, Mauritius, Romania, the Russian Federation, South Africa, Sweden, and the United Kingdom. There is no taxation treaty between Namibia and the United States.
3. Legal Regime
Transparency of the Regulatory System
Draft bills, proposed legislation, and draft regulations are normally not available for public comment and are not required to be, although there are consultations on such documents throughout the government. Depending on the topic, bills are customarily drafted within the relevant ministry with minimal stakeholder or public consultation and then presented to the parliament for debate. Comments on draft legislation and regulations may also be solicited through public meetings or targeted outreach to stakeholder groups. Such comments are also not required to be made public and generally are not. There is no formal process of appeal or reconsideration of published regulations. Approved legislation and regulations are published in the Government Gazette, the official journal of the government of Namibia.
Public finances are generally transparent, with the annual budget and mid-term budget reviews published on the Ministry of Finance’s website and in the Government Gazette. The Bank of Namibia publishes the government of Namibia’s debt position – including explicit and contingent liabilities – in its annual reports and quarterly bulletins.
International Regulatory Considerations
Namibia is a member of the International Organization for Standardization. The coordinating bureau for standards in the country is the Namibian Standards Institution. As a member state, Namibia’s regulations conform to SACU and SADC agreements. Namibia is a member of the World Trade Organization (WTO) and notifies the Committee on Technical Barriers to Trade on draft technical regulations.
Legal System and Judicial Independence
The Namibian court system is independent and is widely perceived to be free from government interference. Namibia’s legal system, based on Roman Dutch law, is similar to that of South Africa. The system provides effective means to enforce property and contractual rights, but the speed of justice is generally very slow.
Laws and Regulations on Foreign Direct Investment
The Foreign Investment Act provides for liberal foreign investment conditions and equal treatment of foreign and local investors. With limited exceptions, all sectors of the economy are open to foreign investment. There is no local participation requirement in the FIA, but the Namibian government is increasingly emphasizing the need for investors to partner with Namibian-owned companies and/or to have a majority of local employees in order to operate in the country.
The FIA reiterates the protection of investment and property provided for in the Namibian Constitution. It also provides for equal treatment of foreign investors and Namibian firms, including the possibility of fair compensation in the event of expropriation, international arbitration of disputes between investors and the government, the right to remit profits, and access to foreign exchange.
The FIA will be replaced by the revised NIPA once revisions are complete and approved by Parliament. The NIPA provides for transparent admission procedures for investors, the reservation of certain categories of business and sectors, and the establishment of an Integrated Client Service Facility or one-stop-shop for investors.
Competition and Anti-Trust Laws
The Competition Act of 2003 establishes the legal framework to “safeguard and promote competition in the Namibian market.” The Competition Act establishes a legal and regulatory framework that attempts to safeguard competition while boosting the prospects for Namibian businesses and recognizing the role of foreign investment. The act is intended to promote:
- The efficiency, adaptability, and development of the Namibian economy;
- Competitive prices and product choices for customers;
- Employment and advancement of the social and economic welfare of Namibians;
- Expanded opportunities for Namibian participation in world markets;
- Participation of small enterprises in the economy by ensuring a level playing field; and
- Greater enterprise ownership particularly among the historically disadvantaged.
The Act established the Namibia Competition Commission (NaCC), which was officially launched in December 2009. The NaCC has the mandate to review any potential mergers and acquisitions that might limit the competitive landscape or adversely impact the Namibian economy. The Minister of MITSMED is the final arbiter on merger decisions and may accept or reject a NaCC decision. Any investor can file an appeal with the ministry, though no formal process for doing so has been established.
Expropriation and Compensation
The Namibian Constitution enshrines the right to private property but allows the state to expropriate property in the public interest subject to the payment of just compensation. The Agricultural (Commercial) Land Reform Act 6 of 1995 (ACLRA) is the primary legal mechanism allowing for expropriation, but the government has adhered to a “willing seller/willing buyer” policy as part of land reform programs. In 2004, the government announced it would proceed with land expropriations after much criticism about the slow pace of land reform. To date the government has only expropriated farms from a small number of owners, and in each instance ultimately either compensated the owner or returned the land. In March 2008 Namibia’s High Court ruled against the government in Gunter Kessl v. Ministry of Lands and Resettlement in the sole instance in which appropriation was legally challenged, and in doing so established a strong legal precedent protecting individual land rights. Non-binding resolutions adopted at the Second National Land Conference in 2018 resolved to abolish the “willing seller/willing buyer” policy and bar foreign-ownership of agricultural land; however, no legislation formalizing these resolutions has been proposed. The Namibian Constitution makes pragmatic provision for different types of economic activity and a “mixed economy” (Article 98), accepts the importance of foreign investment (Article 99), and enshrines the principle that the ownership of natural resources is vested in the Namibian state (Article 100). Section 11 of the FIA reiterates the commitment to market compensation in the case of expropriation in terms of Article 16 of the Constitution. Holders of a Certificate of Status Investment must be compensated in foreign currency and can opt for international arbitration if any disputes arise.
ICSID Convention and New York Convention
Namibia signed but has not ratified the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID). The ICSID and New York Convention are therefore not applicable.
Investor-State Dispute Settlement
The FIA allows for the settlement of disputes by international arbitration for investors that have obtained a Certificate of Status Investment (CSI) that includes a provision for international arbitration. The FIA stipulates that arbitration “shall be in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law in force at the time when the Certificate was issued” unless the CSI stipulated another form of dispute resolution.
International Commercial Arbitration and Foreign Courts
As the “one-stop-shop” for investors, the Namibia Investment Centre (NIC) should be the body that first learns of an investment dispute between a foreign investor and a domestic enterprise. The NIC has not yet received a report of an investment dispute. Investment disputes can be handled by the courts.
There is no domestic arbitration body in Namibia. Investors without a CSI that encounter a dispute have to address their dispute in the Namibian courts or in the court system which has jurisdiction according to the investor’s contract. The Namibian court system is independent and is widely perceived to be free from government interference, including when SOEs are involved in investment disputes.
The Companies Act of 1973, amended in 2004, governs company and corporate liquidations while the Insolvency Act 12 of 1936, as amended by the Insolvency Amendment Act of 2005, governs insolvent individuals and their estates. The Insolvency Act details sequestration procedures and the rights of creditors. Through the law, all debtors (whether foreign or domestic) may file for both liquidation and reorganization, and a creditor may file for both liquidation and reorganization. As reorganization (judicial management) is rarely successful; however, the most likely insolvency procedure is liquidation. International credit monitoring agency TransUnion is a licensed credit bureau in Namibia.
4. Industrial Policies
Incentives are mainly aimed at stimulating manufacturing, attracting foreign investment to Namibia, and promoting exports. To take advantage of the incentives, companies must be registered with MITSMED and the Ministry of Finance. Tax and non-tax incentives are accessible to both existing and new manufacturers. MITSMED has produced a brochure on Special Incentives for Manufacturers and Exporters that is available from the Namibia Investment Centre (NIC).
The Namibian Government aims to stimulate economic growth and employment and to establish Namibia as a gateway location in Southern African region. To this end, the government has introduced numerous incentives that are largely concentrated on stimulating manufacturing in Namibia and prompting exports into the region and to the rest of the world. General tax regulations that are indicative of the government’s commitment are:
- Non–resident Shareholders’ Tax is only 10 percent;
- Dividends accruing to Namibian companies or resident shareholders are tax-exempt;
- Plant, machinery and equipment can be fully written off over a period of three years;
- Buildings of non-manufacturing operations can be written off, 20 percent in the first year and the balance at 4 percent over the ensuing 20 years;
- Import or purchase of manufacturing machinery and equipment is exempted from Value Added Tax (VAT); and,
- Preferential market access to EU, USA, and other markets for manufacturers is provided.
The government does issue guarantees, but reluctantly. Joint financing for foreign direct investment is occasionally implemented through the Namibia Development Corporation or another, sector-relevant state-owned enterprise.
Foreign Trade Zones/Free Ports/Trade Facilitation
Namibia has an Export Processing Zone (EPZ) regime that offers favorable conditions for companies wishing to manufacture and export products. The government of Namibia has announced plans to repeal the EPZ Act and replace it with Special Economic Zones. Existing EPZ users will be accommodated, and new applications are still accepted under the current regime. The government has not yet tabled a proposal for the Special Economic Zones.
There are 19 EPZ companies in operation, most of which were closely linked to minerals beneficiation, including Namzinc (which produces Special High Grade zinc at the Skorpion zinc mine), Namibia Custom Smelters (which produces blister copper from imported copper concentrates), and a variety of diamond cutting and polishing operations (which cut and polish locally and internationally sourced rough diamonds).
To make manufacturing in Namibia more competitive, government has introduced a further package of tax and non-tax special incentives, applicable to both existing and new manufacturing enterprises, exporters, and EPZ enterprises. Companies operating under the EPZ regime are free to locate their operations anywhere in Namibia. Through the Offshore Development Company (ODC), EPZ enterprises also have access to factory facilities rented at economical rates.
Namibia offers one of the most favorable EPZ regimes of the region. Normally, Namibian companies pay corporate income tax, general and additional sales duties, as well as stamps and transfer duties. The EPZ companies do not pay any of these taxes and duties. Only personal income tax on employees’ income are paid, and there is a Non- Resident Shareholders’ Tax of 10 percent when dividends are exported. Currency conversion is guaranteed, and financial transactions (the transfer of dividends, profits and dis-investment) may be undertaken by banks without the involvement of the Central Bank. The EPZ companies may not, however, borrow money in the domestic money market.
The EPZ incentives are:
- Corporate tax holiday
- Exemption from import duties on imported intermediate and capital goods
- Exemption from sales tax, stamp and transfer duties on goods and services required for EPZ activities
- Reduction in foreign exchange controls
- Guarantee of free repatriation of capital and profits
- Permission for EPZ investors to hold foreign currency accounts locally
- Access to streamlined regulatory service (‘one-stop-shop’)
- Refund of up to 75 percent of costs of pre-approved training of Namibian citizens
- No strike or lock-outs allowed in EPZs
- Provision of factory facilities for rent at economical rates
Performance and Data Localization Requirements
The government actively encourages partnerships with historically disadvantaged Namibians. The Equity Commission requires all firms to develop an affirmative action plan for management positions and to report annually on its implementation. Namibia’s Affirmative Action Act strives to create equal employment opportunities, improve conditions for the historically disadvantaged, and eliminate discrimination. The Equity Commission facilitates training programs, provides technical and other assistance, and offers expert advice, information, and guidance on implementing affirmative action in the work place.
In certain industries, the government has employed specific techniques to increase Namibian participation. In the fishing sector, for example, companies pay lower quota fees if they operate Namibian-flagged vessels based in Namibia with crews that are predominantly Namibian.
Investors often complain about the lengthy and administratively burdensome process of obtaining work permits in Namibia. Although the government cites the country’s high unemployment rate as its motivation for a strict policy on work permits, Namibia’s labor force does not yet meet many of the skills needed to fill jobs that foreigners currently hold.
The Namibian government does not have “forced localization” requirements for data storage. Domestic content is encouraged. State owned enterprises are including local ownership/participation requirements in procurement actions.
Economic empowerment legislation for previously disadvantaged groups, called the New Equitable Economic Empowerment Framework, is under consideration in the legislature. A bill is expected to be introduced in 2019 and is expected to contain provisions relating to ownership, management, value addition, human resource capacity building, job creation, and corporate social responsibility.
7. State-Owned Enterprises
While Namibian companies are generally open to foreign investment, government-owned enterprises have generally been closed to all investors (Namibian and foreign), with the exception of joint ventures discussed below. More than 90 State Owned Enterprises (SOEs, also known as parastatals) include a wide variety of commercial companies, financial institutions, regulatory bodies, educational institutions, boards, and agencies. Generally, employment at SOEs is highly sought after because their remuneration packages are not bound by public service constraints. Parastatals provide most essential services, such as telecommunications, transport, water, and electricity. The following are the most prominent SOEs:
- Air Namibia (air carrier)
- Namibia Airports Company (airport management company)
- Namibia Institute of Pathology (medical laboratories)
- Namibia Wildlife Resorts (tourism)
- Namport (maritime port authority)
- Nampost (postal and courier services)
- Namwater (water sanitation and provisioning)
- Roads Contractor Company
- Telecom Namibia (primarily fixed-line) and MTC (mobile communications)
- TransNamib (rail company)
- NamPower (electricity generation and transmission)
- Namcor (national petroleum company)
- Epangelo (mining)
The government owns numerous other enterprises, from media ventures to a fishing company. Parastatals own assets worth approximately 40 percent of GDP and most receive subsidies from the government. Some SOEs have been perennially unprofitable and have only managed to stay solvent with government subsidies. In industries where private companies compete with SOEs (e.g., tourism and fishing), SOEs are sometimes perceived to receive favorable concessions from the government. Foreign investors have participated in joint ventures with the government in a number of sectors, including mobile telecommunications and mining. In 2015, the Namibian President created a new Ministry of Public Enterprises intended to improve the management and performance of SOEs. Legislation to shift oversight of commercial SOEs from line ministries to the Ministry of Public Enterprises was finalized in 2019.
Namibia does not have a privatization program.
The Anti-Corruption Act of 2003 created an Anti-Corruption Commission (ACC), which began operations in 2006. The ACC attempts to complement civil society’s anti-corruption programs and support existing institutions such as the Ombudsman’s Office and the Office of the Attorney General. Anti-corruption legislation is in place to combat public corruption. In a nationwide survey commissioned by the ACC and released in 2016, corruption was listed at the third-most important development challenge facing Namibia (6 percent, after unemployment at 37 percent and poverty at 30 percent). 78 percent of survey respondents rated corruption as “very high” in Namibia. The highest result comes from those in rural areas,
Namibia has signed and ratified the UN Convention against Corruption and the African Union’s African Convention on Preventing and Combating Corruption. Namibia has also signed the Southern African Development Community’s Protocol against Corruption.
Resources to Report Corruption
Namibia Anti Corruption Commission
Corner of Montblanc & Groot Tiras Street, Windhoek
10. Political and Security Environment
Namibia is a stable multiparty and multiracial democracy. The protection of human rights is enshrined in the Namibian Constitution, and the government generally respects those rights. Political violence is rare and damage to commercial projects and/or installations as a result of political violence is considered unlikely. The State Department’s Country Report on Human Rights for Namibia provides additional information.
11. Labor Policies and Practices
Namibian law allows for the formation of independent trade unions to protect workers’ rights and to promote sound labor relations and fair employment practices. The law provides for the right to form and join independent unions, conduct legal strikes, and bargain collectively; however, the law prohibits workers in certain sectors, such as the police, military, and correctional facilities, from joining unions. Except for workers in services designated as essential services, such as public health and safety, workers may strike once mandatory conciliation procedures are exhausted and 48 hours’ notice is given to the employer and labor commissioner. Workers may take strike actions only in disputes involving specific worker interests, such as pay raises.
Namibia has ratified all of the International Labor Organization’s fundamental conventions. Businesses operating within export processing zones are required to adhere to the Labor Act.
The 2007 Labor Act contained a provision that prohibited the hiring of temporary or contract workers (“labor hire”), but the provision was ruled unconstitutional by the Supreme Court. The Labor Amendment Act of 2012 introduced strict regulations with respect to the use of temporary workers, according to which temporary workers must generally receive equal compensation and benefits as non-temporary workers.
Child labor in Namibia may occur in certain sectors, such as domestic work, but its occurrence and prevalence is difficult to verify. Although Namibia has ratified all key international conventions concerning child labor, there continue to be gaps in Namibia’s domestic legal framework.
There is a shortage of specialized skilled labor in Namibia. Employers often cite labor productivity and the shortage of skilled labor as the biggest obstacles to business growth. The 2017-18 Global Competitiveness Report ranked Namibia 90th out of 137 economies. An inadequately educated workforce, access to financing, and inefficient government bureaucracy are listed in the report as the most problematic factors for doing business.
The government offers manufacturing companies special tax deductions of up to 25 percent if they provide technical training to employees. The government will also reimburse companies for costs directly related to employee training under approved conditions.
As of April 1, 2014, the Namibian government implemented a Vocational Education and Training (VET) levy to facilitate and encourage vocational education and training. The levy, which is payable to the Namibia Training Authority (NTA), is imposed on every employer with an annual payroll of at least NAD 1,000,000 (approximately USD 70,000), at the rate of one percent of the employer’s total annual payroll. The NTA will collect and administer the levy and will use the funds to provide financial and technical assistance to employers, vocational training providers, employees, students, and other bodies to promote vocational education and training. In addition, companies can get a rebate from NTA of up to fifty percent of training costs for their employees.
13. Foreign Direct Investment and Foreign Portfolio Investment Statistics
Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
*Namibia Statistics Agency
Table 3: Sources and Destination of FDI (2017)
|Direct Investment From/in Counterpart Economy Data|
|From Top Five Sources/To Top Five Destinations (US Dollars, Millions)|
|Inward Direct Investment||Outward Direct Investment|
|Total Inward||$8,219||100%||Data not available|
|“0” reflects amounts rounded to +/- USD 500,000.|
Table 4: Sources of Portfolio Investment
Data not available.