The Prime Minister, Peter O’Neill, has been given a set of 20 recommendations bythe SME’summit participants calling for legislative changes and a reduction of costs to small and medium businesses.
Pushing against time, a technical team led by Commerce Minister, Richard Maru and Justice Minister, Kerenga Kua worked until 3am Wednesday morning to put togtherthe recommendations that were reviewed bythe 400 participants.
The summit has also recommended thatthe responsibility ofthe National Development Bank be transferred tothe Commerce Department.
Mr. O’Neill’s arrival in Madang comes about a week afterthe PNC National Congress in Lae where major policy issues were announced or reaffirmed; a pension system for the elderly andthe disabled will be brought to parliament for approval.
The SME Summit compliments those policies. It will, if done well, provide opportunities for the young,the unemployed, and those keen to own and operate business.
Atthe Divine Word University Auditorium Prime Minister O’Neill was greeted with a patriotic crowd of four hundred participants.
The government is being asked to increase budgetary spending to support Small to Medium Enterprises.
That support will include radical legislative changes similar to what Malaysia did forty years ago.
An SME Corporation and anti-dummy company laws will also be brought to parliament for approval; andthe high cost of doing businesses has also been brought tothe attention ofthe Prime Minister.
One ofthe major challenges will bethe bureaucracy and its ability to implementthe policies based onthe suggestions of this SME Summit.
Mr O’Neill said a package of reforms will be introduced to revitalisethe public service.
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