Budget allocation to trade ministry cut by 15 percent

by Staff Reporter

Budget allocation to trade ministry cut by 15 percent

WINDHOEK

The budget allocation to the Ministry of Industrialisation, Trade and SME Development for the 2016/17 financial year is 15 percent less than in the previous financial year. The ministry received an allocation of N$840 million for the 2016/17 financial year, which represents a decrease of N$149 million or 15 percent.

This was revealed by Minister of Industrialisation, Trade and SME Development Immanuel Ngatjizeko, when he motivated his ministry’s budget allocation for the 2016/17 financial year in parliament. During the last financial year the National Assembly allocated N$990 million to the ministry.

Ngatjizeko said during the current financial year N$447 million was allocated for operational expenses, while N$393 million will be allocated for capital projects. He said the trade ministry – through the ‘Growth at Home Strategy’ – intends to implement a number of projects to accelerate sustainable economic growth.

“We will continue to initiate and support projects aimed at value addition to meaningfully change the skewed structure of our economy from concentration on the export of raw products to the production and export of finished products,” he said.

Ngatjizeko stressed that the ministry’s intervention would centre on three pillars: the initiation and support of value addition and upgrading of factories; support for local products to access external markets so that Namibian products become competitive; and creating a favourable investment and business climate locally.

He said the ministry’s activities this year will focus on five main programmes and the budget is equitably divided among these activities. The programmes are: 
trade promotion (N$218 million), industrial and business development (N$427 million), industrialisation initiatives (N$65 million), investment promotion (N$68 million), and policy supervision and support services (N$61 million).

 

 

 

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