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Port Moresby
December 9, 2021
Business News

SME Growth in PNG is Vital for Economy


By Adelaide Kari – EM TV News, Port Moresby

Small to medium enterprise growth in Papua New Guinea is important for the country’s economy.

Minister for Trade, Commerce and Industry, Richard Maru, said the government’s current policy is key to the development of SMEs, and the enforcement of the reserved list of businesses for Papua New Guineans.

The policy aims to create an additional two million jobs and 500,000 businesses by the year 2030, and aims to increase PNG ownership of the economy from the current 10 per cent to 70 per cent. It is also expected to increase contributions to the nation’s GDP of up to 50 per cent by 2030.

Nuni Kulu, Southern Region Area Manager for BSP, said they understood the government’s goal for more SMEs and that is a major reason why BSP has provided K37 million in funding for this sector.

The bank has committed K50,000 to assist in the implementation of the SME Policy.

There are also over 15,000 active SMEs with the bank under the SME business module.

It is anticipated, the SME Policy launch will have 1,000 SME owners around the country attending to learn how the policy will benefit them.

https://youtube.com/watch?v=EvmnWO7GfJU%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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