Budget allocation to Trade Ministry cut by 15 per cent

03 Apr 2016 16:10pm
WINDHOEK, 03 APR (NAMPA) – The budget allocation to the Ministry of Industrialisation, Trade and SME Development for the 2016/17 financial year is 15 per cent less than in the previous financial year.
The ministry received an allocation of N.dollars 840 733 000 for the 2016/17 financial year, which represents a decrease of N.dollars 149 337 000, or 15 per cent.
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 the National Assembly on Thursday.
A total of N.dollars 990 070 000 was allocated to the ministry during the 2015/2016 financial year.
Ngatjizeko said during the current financial year, a total of N.dollars 447 681 000 is allocated for operational expenses, while N.dollars 393 052 000 will be allocated for capital projects.
The minister explained that his ministry, through the 'Growth at Home Strategy', intends on implementing a number of projects in order 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 will centre around 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 are 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 as follows:
Trade promotion –N.dollars 218 580 000
Industrial and business development –N.dollars 427 782 000
Special Industrialisation Initiatives – N.dollars 65 000 000
Investment promotion- N.dollars 68 304 000
Policy supervision and support services – N.dollars 61 067 000