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The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers and a considerable number of well-trained professionals and managerials. Namibia is a higher-middle-income country with an estimated annual GDP per capita of US$5,828 but has extreme inequalities in income distribution and standard of living. The country's sophisticated formal economy is based on capital-intensive industry and farming. However, Namibia's economy is heavily dependent on the earnings generated from primary commodity exports in a few vital sectors, including minerals, especially diamonds, livestock, and fish. Furthermore, the Namibian economy remains integrated with the economy of South Africa, as 47% of Namibia's imports originate from there. In January 2021, President Hage Geingob formed the Namibia Investment Promotion and Development Board (NIPDB) led by Nangula Nelulu Uaandja. The NIPDB commenced operations as an autonomous entity in the Namibian Presidency and was established to reform the country's economic sector.