$1.7B approved for Ministry of Business

The 2017 estimates and expenditures were considered and approved by the National Assembly today, for the Ministry of Business. A total of $1.7 Billion was approved by the Committee of Supply for the Ministry’s 2017 spending.

The money will be spent on the following programmes:

• Policy Development and Administration – Current Expenditures-$251. 6M
• The National Exhibition Centre, Sophia upgrades -$70M
• Policy Development and Administration- Capital Expenditures -$80M
• The Bureau of Standards – $155M- for provision of vehicles and equipment
• Go-Invest- $193M- for provision of furniture and equipment
• The Small Business Bureau-$73M
• Business Development, Support and Promotion – Current Expenditures -$505.9M
• $150M to be spent on the Lethem Industrial Estate. The estate’s design is completed and the contract is currently at the tendering process. Upon completion, the Lethem Industrial Estate will cost over $800M.
• $14M for the Coldingen estate
• $69. 34M for the Ministry’s Consumer Protection – Current Expenditures
• Consumer Protection- Capital Expenditures-$1.5M
• Tourism Development & Promotion- Current Expenditures $322. 13M
• Tourism Development & Promotion- Capital Expenditures-$10. 28M

Responding to questions by Opposition Member of Parliament, Joseph Hamilton as  to why the Industrial Estates were taking so long to be completed, and why such large sums of money are required, Minister of Business, Dominic Gaskin said that, “The Government and the Ministry now knows where they are going as it relates to the Estates.”

A GINA report said Minister Gaskin explained to the House that building a road, erecting some culverts and buildings do not show direction. The Business Minister said that when the Estates are completed, the Business community will benefit tremendously.