MIT secures a massive N$1.2 billion boost—a game-changer for SMEs
The Ministry of Industrialization and Trade obtains N$1.2 billion for the fiscal year 2024–25 to support Small and Medium Enterprises (SMEs).
This is in accordance with the budget that the minister of finance and public enterprises, Iipumbi Shiimi, tabled in parliament on Wednesday.
"In support of small and medium enterprises (SMEs) and domestic economic activities, we have increased the budget of the Ministry of Industrialization and Trade by 31.7 percent to N$365.5 million in 2024/25 financial year and a total of N$1.2 billion over the Medium Term Expenditure Framework," Shiimi said.
According to the finance minister, funds are allocated to organizations, namely the Equipment Aids Scheme, Start-Up Namibia, and EMPRETEC Namibia, that were established on the principles of fostering the development and expansion of SMEs in Namibia.
The allocations' objectives are to promote domestic enterprises and facilitate trade inside the country, particularly for SMEs.
The Ministry of Industrialization and Trade, through its Equipment Aid Scheme, provides assistance in the form of equipment and other technology as per requirements to SMEs in order for them to effectively run their businesses and subsequently create employment.
StartUp Namibia is a non-profit organization that aims to improve the conditions for the establishment and growth of startups in selected regions of Namibia.
EMPRETEC is an initiative of the Government of Namibia working in partnership with the United Nations Development Programme (UNDP Namibia), with the aim of unlocking the growth potential of micro, small, and medium enterprises in Namibia through competency-based behavioral entrepreneurship training and the provision of a bouquet of business advisory services.
"We have made financial provision for increased funding to the Namibia Standards Institute (NSI) and the Namibia Competition Commission (NaCC), as well as an increase in the development budget for various capital projects to support entrepreneurial activities nationwide," Shiimi added.
According to the finance minister, funds are allocated to organizations, namely the Equipment Aids Scheme, Start-Up Namibia, and EMPRETEC Namibia, that were established on the principles of fostering the development and expansion of SMEs in Namibia.
The allocations' objectives are to promote domestic enterprises and facilitate trade inside the country, particularly for SMEs.
The Ministry of Industrialization and Trade, through its Equipment Aid Scheme, provides assistance in the form of equipment and other technology as per requirements to SMEs in order for them to effectively run their businesses and subsequently create employment.
StartUp Namibia is a non-profit organization that aims to improve the conditions for the establishment and growth of startups in selected regions of Namibia.
EMPRETEC is an initiative of the Government of Namibia working in partnership with the United Nations Development Programme (UNDP Namibia), with the aim of unlocking the growth potential of micro, small, and medium enterprises in Namibia through competency-based behavioral entrepreneurship training and the provision of a bouquet of business advisory services.
"We have made financial provision for increased funding to the Namibia Standards Institute (NSI) and the Namibia Competition Commission (NaCC), as well as an increase in the development budget for various capital projects to support entrepreneurial activities nationwide," Shiimi added.
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