Namibia, however, seems to have done quite well in terms of setting up the regulatory framework and institutions to ensure smooth administration of private retirement funds. In recent years we have seen the progressive integration of the world's economies. Technical progress, improved communications and expanded trade and investment flow have led to a growing globalisation of economic activity.
Indeed, our first direct finding was that the uncertainty about the scope, timing and extent of accounting and regulatory changes increases uncertainty which makes it more difficult for insurance companies and pension funds to plan their investment strategies over the longterm. So let me briefly recall the main upcoming accounting and regulatory changes relevant for these investors.