On the 4th SME breakfast held at the Apec Haus in Port Moresby yesterday morning, Prime Minister says PNG is not in control of the economy since Independence.
The SME sector has seen growth, issues that need to be addressed for the development of the sector was highlighted by TISA Group CEO Michael Koisen.
He said the country has not been able to drive the development agenda of self-reliance.
“90% of the economy in the formal sector is own by foreign businesses operating in Papua New Guinea at present. This is an issue.” TISA Group CEO said.
Mr Koisen called for a change on the SME scene with more support for PNG Citizens to be engaged in more than the non-formal sector.
Mr Marape also mentioned that his Government is a strong advocate for the SME agenda.
“Since we came on-board in mid-2019, we have been a strong advocate on SME sector, our take back PNG philosophy without chasing away investor’s means well for everyone who participated in our economy.” Prime Minister said.
Mr Marape also crunching the numbers on the PNG economy and the drive of his Pangu led government with the goal of five hundred thousand SME’s.
“In 2011 when PNC government came in, the economy was 44.4 billion kina. In 2019 when my government came into office the economy was 79.6 billion kina. It grew by 35 billion kina”. James Marape said.
Mr Koisen believes that SME’s must assume a greater role in the economy not only as an enabler but as a key driver of economic growth that is inclusive, balanced and sustainable.