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Port Moresby
May 29, 2020
News

Informal Bilum business moves into commercialized industry

The National Government is committed to downstream processing and adding value tPNG’s raw export merchandise.

 

This wasthe message that Minister for Trade, Commerce &Industry Richard Maru presented atthe 4th Global Review for Aid for Trade in Geneva Swithzerland.

He said downstream processing and value adding would diversifPNG’s economy and safeguardthe country fromthe volatile global market prices ofthe raw export commodities.

 

On returning from Geneva overthe weekend and before entering parliament Mr. Maru held a conference at his office to report onthe meetings he had withtheWorld Trade Organisation.

 

Maru’said he requested Aid for Trade to be tailored towards addressingthe transportoand access to affordable credit needs that would enable ordinary Papua New Guineas to engage in income opportunities and businesses connecting intothe global value chain.

 

Minister Maru also managed to secure some trade related assistance for Papua New Guinea

 

TheInternational Trade Centre agreed to advance a project that will transformthe informal ‘bilum’ business in PNG into a commercialized industry.

 

The project will aim to makethe traditional bilum more viable in international markets and will be funded US$3million under IT’s Womenin Trade Program.

 

The Belum Project could be initiated as early as next month with a preliminary mission fromtheInternational Trade Centre scheduled to visit Papua New Guinea

 

Minister Maru’saidthe government is also finalizing a very attractive fiscal incentive package for manufacturing companies to process raw materials to finished products in PNG

 

He saidthe government is keen for the country process our raw materials totheir final stage before exportoto increasetheir value and create more jobs for citizens.

 

https://youtube.com/watch?v=DYjumBe7sE%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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