A feasibility study is being undertaken to try to establish whether the Walvis Bay Corridor itself can be handed over to a private company to run. A delegation recently presented its case to the World Bank and the International Monetary Fund (IMF) in the United States to establish interest in helping to finance this initiative as well as look at successful American corridors. Unfortunately for Namibia one of its key industries – fishing – is under strain as the impact of a fall-off in demand from mainly Spain has seen loss of employment, with processing plants cutting back. At least one has been forced to close after just four years of operation. This has been particularly harsh on Namibia’s second port at Luderitz where fishing and tourism largely sustain its economy. Branch manager of Alexander Forbes Risk Services in Walvis Bay, Stephan Fast, says the downturn in fishing has made for tough conditions with the possibility of risks that were not previously anticipated. “It is an environment that is affecting people on a major scale in the context of the economies that are dependent on income from the fishing industry. This can lead to potential trauma and disruption that always accompanies uncertainty of the future,” he said. As with most business in Namibia, there is an air of optimism amidst any gloom and Kast believes that many companies will review the scope of their operations to broaden them and not remain within narrow survival parameters. “We believe that the future is not as gloomy as many think and that is how we will deal with the present climate,” he adds.
