The Minister of Finance and Public Enterprises, Ipumbu Shiimi says the coming into force of the Codes of Good Practice is an important step in promoting economic growth and encouraging local investment in the country.
Shiimi said this at the launch of the Codes of Good Practice, aimed at promoting, facilitating and strengthening the implementation of the empowerment and industrialization policies of the government.
The Codes of Good Practice provide a framework for the application of preferences, without compromising the standards of good works, services, and value for money.
It is also aimed at granting exclusive preferences to the categories of local suppliers, by reserving certain procurement of goods, works, and services to them, thereby supporting the growth of their businesses.
Shiimi believes the move will also empower Namibians as well as correct the past injustices, to businesses on the other side of the cordon fence.
The Finance Minister says the launch of the Codes of Good Practice is also an important step in empowering women-owned enterprises, industrialization, and job creation, especially given the significance of government expenditure.
Namibian SMEs, particularly benefit from the code, especially in terms of meat and agricultural products which will be given procurement price preference of up to 10%.
However, the minister cautioned against the abuse of this preference, emphasizing it is aimed at promoting legitimate sustainable economic opportunities for the youth and women in line with the Harambee Prosperity Plan.