Africa-Press – Namibia. The trade and industrialisation ministry will continue rolling out support programmes and facilities, aimed at helping small and medium enterprises (SMEs) to establish and expand their businesses.
Minister Lucia Iipumbu confirmed the ministry will remain focussed on assisting the growth and development of small and medium-sized enterprises (SMEs) in the country.
She made these remarks during the recent launch and stakeholder engagement of the Ongwediva Annual Trade Fair (OATF) for 2023.
This year’s OATF is set to take place on 25 August until 2 September 2023 under
the theme, ‘Embracing a sustainable economy, linking smart market’.
In her speech, Iipumbu said through the equipment aid scheme programme, the ministry has received limited
funding, aimed at assisting SMEs to
acquire manufacturing equipment
needed to increase their production potential and technical capacity.
“Any industrialised country is a result of ensuring a solid manufacturing base was in place through a competitive SME sector. There are other product development initiatives, such as the IUMP (Industrial Upgrading and Modernisation Programme) and SDG (Sustainable Development Goals) facilities that will further assist SMEs in product development, labelling, packaging and marketing of their products, while the ministry equally assists SMEs with developing business plans and training on basic entrepreneurship, financial literacy and business modelling under the Empretec programme,” she explained.
Iipumbu further implored local businesses to also participate in trade missions abroad to provide exposure to potential business linkages.
“It is, however, up to the individual entrepreneurs to tap into these
programmes to see how best they can utilise the facilities to their benefit.
The ministry’s annual budget
allocation was increased by 22% or N$31 million to almost N$298 million when finance minister Iipumbu Shiimi tabled the national budget in February this year under the theme, ‘Economic Revival and Caring for the Poor’.
The ministry’s programmes and their respective budget include the Trade Promotion programme (N$138 784 627), the Industrial Development programme (N$61 214 461), investment promotion (N$4 151 049), the Special Industrialisation programme (N$26 234 769), as well as policy supervision and support services (N$67 171 094).
This ministry’s priority on assisting
SMEs reflects the government’s commitment to promoting economic development and job creation in the country.
It has joined other ministries, such as the ministry of labour, which has also pronounced itself on prioritising employment creation in its development process of the third National Employment Policy.
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