by Delly Waigeno – EMTV News, Port Moresby
The latest report by the Asian Development Bank highlights the need for private sector reforms.This is vital if PNG realises its potential for economic development.
The report was launched by the Lead Economist with ADB’s Pacific Private Sector Development Initiative, at a breakfast hosted by the PNG Chamber of Commerce and Industry at the Royal Papua Yacht Club in Port Moresby.
This new report by the Asian Development Bank basically looks at the complex environment affecting Private Sector Businesses in the country. The report, Building a Dynamic Pacific Economy; Strengthening the Private Sector in Papua New Guinea identifies the main constraints to private sector growth. The report also recommends policy adaptations.
Head of the ADB in PNG, Marcelo Minc, said efforts like infrastructure development are needed for PNG to realize its potential. The report is one of 5 private sector assessments being produced this year by the Pacific Private Sector Development Initiative (PSDI).
The private sector assessment reviews PNG’s key approaches to developing the economy, attracting private investments and steering market-based growth.
To help make PNG a safer, more productive and easier place to do business, the report offers recommendations on investments in infrastructure, reforms to essential services delivery, ways in which PNG can improve access to finance for business, and efforts to improve safety in personal and business transactions.
ADB said the potential for the private sector to contribute to inclusive, broad-based and sustainable growth in PNG is very high.