PNG SMES NEED TO BUILD CAPABILITY TO TAKE FULL ADVANTAGE OF PNG’S COMING PROJECT SUPER-CYCLE
BSP says small and medium-sized enterprises (SME) need to build capability to take full advantage of the opportunities that will be created through the coming super cycle of PNG resource projects.
Speaking at the 41st Australia Papua New Guinea Business Forum Conference in Brisbane, BSP’s Head of Business Banking, Raymond Logona, said building capability was essential for PNG businesses to take full advantage of the coming super cycle of PNG resource projects.
“We know that in the next decade, there will be major opportunities for PNG business as major projects are developed such as the Papua LNG Project, the Wafi-Golpu Project, the Frieda River Copper Gold Project and energy projects in Bougainville and Port Moresby.
“Together, these projects present a super-cycle of opportunity for small and medium enterprises in PNG, but to take full advantage, businesses need to start work now on their business strategy and the capabilities they need to support these major investments.
“BSP has recognised the opportunity to support our business customers. We launched our dedicated Business Bank last year and are investing K1,2 billion in a multi-year program to modernise the BSP Group for growth. This includes upgrading our technology and digital channels and creating world-class products and services to support the growth of small to medium-sized enterprises.
“We are also investing through our partnership with Australian Business Volunteers (ABV) to deliver the YES GROW program to build capability among our SME customers so they can use
new digital tools, manage cash flow and make better use of finance to be ready for growth opportunities.
“For example, through our partnership with ABV, we currently have a YES GROW Business Development Program workshop underway in Lae with 18 local PNG SMEs from agriculture, construction, electrical, transport and retail attending. This group joins more than 600 small businesses across PNG and the South Pacific that have strengthened their capability through the program’s intensive training and personalised coaching.
“These skills are vital for many businesses to take advantage of the opportunities that are being created by PNG’s continued economic growth and the coming super-cycle of resource and infrastructure projects,” The Head of Business Banking added.
Logona was joined by ABV’s CEO Liz Mackinlay, who spoke to the partnership’s achievements. “ABV is proud to be partnering with BSP to help SMEs transform their enterprises for sustainable growth, positively impacting the wider economy and supporting their families and communities into the future.
We look forward to bringing the YES GROW Program to Bougainville later this year.”
Since its inception in 2018, BSP’s partnership with Australian Business Volunteers has provided intensive, practical training and personalised mentoring to more than 600 small businesses in the South Pacific, including 400 in Papua New Guinea across 19 sectors.
