Minister for Trade Commerce and Industry, Richard Maru, says more Papua New Guineans will have the opportunity to own and manage businesses currently owned by foreigners.
Minister Maru said a new law will create over 50,000 reserved businesses in the country.
He made this statement while opening a new wing for Kavieng Niu Lodge recently in New Ireland Province.
In his speech to those gathered at the event, Minister Maru said the new SME law will see ownership of reserved businesses from 10% to 70% by 2050. It’s a great challenge for the Government that needs national entrepreneurs to make it happen.
“Our concern now is for locals to have more entrepreneurs to run these businesses”, said Minister Maru.
Minister Maru was joined by Transport Minister, Malakai Tabar and Kavieng Open MP, Ben Micah with other provincial leaders and guests.
Maru held hands with Minister Tabar to open a 32-room wing for the Kavieng Niu Lodge.
The new wing was given a traditional opening with the sacred shark calling dance before the ribbon cutting of the new wing.
Kavieng District committed K100,000 for training purposes and to improve the lodging and guest house sector in the Province.
Kavieng Niu Lodge is one of the growing businesses in the New Ireland capital.