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Port Moresby
October 24, 2021
Business News

Parliament to Enact New SME Legislative Reforms

A set of new legislations and legislative reforms will be enacted as part ofthe new SME Policy and Master Plan.


The new legislations will aim to providethe legislative framework to enablethe sector to grow.

This was announced today by Minister for Trade, Commerce, andIndustry Richard Maru, duringthe launching ofthe National SME Policy and Master Plan Consultative Workshop in Port Moresby.


Minister Maru announcedthe new legislative reforms that will be enacted by Parliament callingthem a critical part ofthe new SME Policy and Master Plan.


The new legislations include a new Companies ActoBusiness Name ActoSecurities Actoa National Content Actoand a new Trade &Investment Act.


Minister Maru also announcedthe establishment of a new SME Council which will be chaired bythe Prime Minister.


He saidthe council will overseethe implementation ofthe SME Policy and Master Plan.


The national workshop aims to obtain adequate stakeholder input beforethe formulation ofthe SME policy and Master Plan.


It was highlighted that a policy and plan that was home grown, inclusive and comprehensive would setthe direction of growingthe sector and how to getthere.


The primary objective underthe plan is to create 500, 000 SME’s and creating two million jobs by 2030.


Duringthe workshop, Minister Maru thankedthe Government for approvingthe 21 recommendations fromthe Madang SME Summit earlier this year.


He saidthere is nowthe political will to drivethe growth ofthe SME’sector.


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