WINDHOEK, July 31 (Xinhua) -- Namibia has commenced with reforms to regulatory processes in order to smooth the ease of doing business, President Hage Geingob said Wednesday.

Speaking at the opening of an economic summit, Geigob said the country's economic situation had compelled the government to rethink its developmental path, which has had a disproportionate reliance on government expenditure.

"This approach cannot be sustainable in the long run. There is thus need to buttress ongoing reforms, to ensure a more conducive business environment and reduction in bureaucratic bottlenecks.

Some of the changes include the removal of the compulsory 25 percent equity clause in NEEEF (New Equitable Economic Empowerment Framework).

Geingob said the bill will be tabled within parliament in the next six months.

"However, all pillars will remain and be taken into account for enterprises doing business with government and applying for natural resource licensing," he said.

There have also been changes made to the Namibia Investment Promotion Act.

The act was put on hold to accommodate broader inputs by the private sector. Substantive amendments were effected to address concerns raised, such as that the act was cumbersome and too bureaucratic and defeating its intended purpose as an instrument to promote investment.

According to Geingob, the government has finalized revisions and the bill will be tabled to the Cabinet Committee on Legislation and thereafter cabinet before proceeding to parliament.

"The act could be operational by end of this financial year," he said.