All State Owned Entities (SOE)have been instructed to work together to grow the different government business arms.
Minister for State Enterprise and Public Investment, Ben Micah, issued the directive to the Managing Director for Independent Public Business Corporation (IPBC), instructing all SOE’s to pool their resources together.
Minister Micah made the announcement during the MVIL VIP Customer Service Launch. As the Minister responsible for all State Owned Entities, Mr. Micah was pleased that SOE, Motor Vehicle Insurance Limited was progressing well under the leadership of the new board.
He said about three to four billion kina was floating among SOE’s and as yet was unrealised. He instructed the IPBC to ensure all entities give business to each other.
The IPBC was established in 2002, as an independent entity under its own Act to hold the majority of state-owned commercial assets and manage these assets to improve commercial performance and underpin economic development. However, over the years, many of the SOE’s have suffered as a result of bad management.
The SOEs comprise of the Motor Vehicle Insurance Limited, PNG Power, Telikom PNG, National Development Bank, PNG Ports Corporation, Water PNG, Post PNG, Air Niugini and Eda Ranu.
IPBC Managing Director, Wasantha Kumarasiri, confirmed receiving the directive and said to act immediately.
It’s anticipated that all state owned enterprises will collaborate to ultimately grow the businesses to serve the state and its citizens.
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