Small And Medium Enterprise

Namibia: MTI Wants Growth of SME Sector

The Ministry of Trade and Industry is requesting for a whopping 78,9 per cent increase, or N$123,9 million, for the development of small and medium enterprises and entrepreneurship than the previous financial year.

Deputy Minister of Trade Tjekero Tweya said accelerated growth for the SME sector and skills development are two key drivers for increased economic participation and poverty alleviation.

Motivating the ministry's budget in Parliament last week, he suggested tax incentives to the SME sector and companies demonstrating commitment to employ the youth.

He said while the national economy has experienced steady growth, this has not created the desired quantity and quality of employment.

In addition, he said, while Namibia is classified as an upper-middle income country, 70 per cent of the country's wealth is being enjoyed by less than 15 per cent of the population.

For the new financial year, the ministry requested N$40 million in equipment aid to SMEs, and has introduced a technical skills training initiative targeting the unemployed youth.

The ministry has constructed the Gemstone Centre at Karibib, and a similar skills development initiatives are being planned for Keetmanshoop.

Tweya announced further plans to set up an SME Bank after the Bank of Namibia granted the ministry a conditional licence for such a venture.

Tweya said the SME Bank would give affordable financing and related business support services to the SME sector, whose growth is inhibited by the high costs of financing from existing private and public financial institutions.

"For the SME sector to move forward and expand, it is critical that a practical financing house that understands their financial challenges needs to be established to cater for that," said Tweya.

The ministry requested a total budget in excess of N$558 million, of which N$254 million goes towards operations, and N$303,7 million for development.

Funds will among others go towards trade promotion and trade facilitation, that includes the construction of trade fair centres.

The first such trade fair centre was built was the Okakarara Business Centre, with others under development in Rundu and Katima Mulilo.

The ministry is also working towards the establishment of the Namibia Board of Trade, which is an obligation under the Southern African Customs Union, to set import tariffs, implement anti-dumping measures, and, among others, would be responsible for the general import-export control and management.

Enterprise Qatar gives tips on SME businesses | Qatar Business and ...

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