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Port Moresby
July 3, 2020
Business News

Elements of Enterprise Discussed at Summit

 

By Delly Waigeno – EM TV News, Port Moresby

The Small to Medium Enterprise (SME) Policy’s primary objective is to change the landscape in how business is done in PNG.

The SME policy was a topic of discussion at the last day of the Youth Entrepreneurial Summit in Port Moresby today.

The panel discussion focused on the underlying elements of an enterprise.

A range of representations took part in the discussion, from those in government departments, religion, NGOs and the creative arts industry.

There was a question from a participant about the proper definition of an SME. Mediator, Allan Bird, said from the draft policy an SME is any business valued at K10 million or less. This is to be confirmed with the final policy document.

Managing Director of the National Development Bank, Moses Liu, said the implementation phase will be a challenge for the SME policy, adding that its main aim is to encourage Papua New Guineans to do business.

The panel discussion focused on the underlying elements of an enterprise.

Secretary for the Department of Community Development, Youth and Religion, Anna Solomon, said there are grant facilities available to assist entrepreneurs who demonstrate their commitment by taking initiative of projects.

Serena Sumanop, co-founder of The Voice Inc. a youth development organisation, said it is the values and mindsets that keep people in poverty when within every single person, is the capability to lead.

From the creative arts industry, musician Allen Kedea, also known as AK47, said there are opportunities in the industry. However where art and commerce meet, copyright still needs serious consideration in PNG.

A set of recommendations will be presented this evening at the official closing of the summit.

https://youtube.com/watch?v=q7rXtdEPXIw%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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