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Port Moresby
June 1, 2020
Business News

More Competition To Be Introduced In Business Sectors

More competition will be introduced in various sectors in PNG to enable reduced prices of goods and services.

 

This was revealed by Minister for Trade, Commerce andIndustry, Richard Maru during a press conference yesterday.

Minister Maru’said Papua New Guineas deserved to access goods and services at affordable prices.   

 

“The level of competition in industries in PNG is not good. Therefore,the government is now seriously looking intothese industries structure to introduce competition to drivethe price down, and to improverthe service levels,” he said.
 

Minister Maru’saidthe Government is embarking on providing better opportunities for Papua New Guineas inthe business sector.

 

He said although he does encourage foreign investmentohe wants Papua New Guineas to invest intheir own country as well and benefit accordingly.

 

Mr Maru’saidthe Government is looking to avoid foreign monopolies in some sectors, causing Papua New Guineas to be have little opportunities available and afford goods and services at very high prices.

 

&ldquoInthe next few weeks we’ll announce a very big investor coming in tothe Oil PalmIndustry in this country, a global player with economic muscle to bring serious competition tothe industry,” he said.

“Banking is anther industrythe government is seriously looking at,” said Maru.

“We are not happy withthe current market structure where one bank dominatesthe whole market and all of us are subjected tothe high fees…we need to bring more players in so that people will have more choices,” he  said.

“Hopefully inthe process,the cost of doing banking will come down in this country…andthe same goes to air sercvices,” he added.

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