WINDHOEK, May 14 (Xinhua) -- Namibia is advancing a private sector investment pipeline worth 174.9 billion Namibian dollars (about 9.6 billion U.S. dollars) in a bid to reduce dependence on mining and promote long-term economic diversification, according to the country's first official Foreign Direct Investment (FDI) Report released on Wednesday.

The investment pipeline, coordinated by the Namibia Investment Promotion and Development Board, targets key sectors, including agriculture, renewable energy, food processing, and mining.

"Many of these projects are struggling to materialize due to the lack of policies to support incentives and ensure data protection, delays in permit and license approvals, as well as availability of land," the report said.

Speaking at the report's launch in the national capital of Windhoek, Namibian Deputy Minister of International Relations and Trade Jenelly Matundu stressed the importance of addressing internal investment barriers.

"Issues such as access to land, slow permit processing, policy finalization, and the alignment of skills development with investment needs require urgent, coordinated action," said Matundu. "If we are to remain competitive in a rapidly shifting global investment landscape, we must move with urgency and unity."

According to the report, Namibia attracted 114.9 billion Namibian dollars in FDI between 2021 and 2024. Namibia rose to seventh place among African FDI destinations in 2023, up from 16th the previous year, and led the continent in FDI as a share of gross domestic product (GDP) at 18.9 percent.

The southern African country also ranked third in Africa on the Greenfield FDI performance index, with 1.2 billion U.S. dollars in new project announcements last year, the report added.

China, Gulf states, the United Kingdom, and South Africa were the top sources of FDI, according to the report. ■