Home Business Kenewendo explains ministry’s new strategy

Kenewendo explains ministry’s new strategy

Kenewendo explains ministry's new strategy
Kenewendo explains ministry's new strategy

The Ministry of Investment, Trade and Industry (MITI) through its Investment Promotion Apex, seeks to bring investment opportunities to the attention of potential investors who have the capacity to provide capital, jobs, skills and technology.

MITI’s Minister, Bogolo Kenewendo at a press conference on Monday, said this.

She said that investment promotion targets both domestic and foreign companies, as its main mandate is to contribute to economic growth.

In order to achieve that, they have divided their mandate into three MITI Apexes, Kenewendo explained.

The three are Small, Medium and Micro Sized Enterprises (SMME), Investment promotion and Export Development. Under SMME development, Kenewendo explained that the focus would be to ease regulatory burden on SMMEs.

“This will entail working closely with relevant institutions to undertake impact assessment before any law, bye Law, directive or policy is implemented to ensure that it does not create any impediments to SMME development and growth,” the minister said.

Other things under SMME Development, according to the Minister will include, developing and implementing a change management framework across the Ministry and its parastatals and also development of a supplier directory by sector and region.

Under Investment promotion, she said that the key deliverables under apex include, developing a national blue print/approach to investment promotion.

This will address issues around market selection, stakeholder alignment, and consistency of messaging by the different players in investment attraction.

She said that the system would also advocate for the establishment of a sufficiently empowered National Clearing House/Implementation oversight body in line with vision 2036.

This will ensure continuous, timely implementation of relevant reforms for improving ease of doing business.

There will also be strengthening of local systems and structures for investor facilitation and aftercare.

Concerning export development, Kenewendo said that the Ministry would explore export led growth by promoting export of goods for which the country has a comparative advantage.

Some of the key deliverables under the export development apex include creation of market access through negotiation of trade agreements with strategic partners, identification of priority sectors according to export readiness and capacity and development of export incentives.

The ministry, Kenewendo noted is moving towards a one-ministry approach where all their service centres across the country will be sharing resources.

“The Ministry will also enhance service delivery by cultivating beneficial relationships with stakeholders being the Private sector, civil society and other Ministries,” she explained.