Business News

State-owned enterprises contribute to GDP growth


State-owned enterprises have been commended for their steady contribution towards the country’s GDP growth. 

Secretary of the Department of Public Enterprises, Dr Clement Waine said that PNG’s GDP grew by 6 per cent last year, with SOEs contributing to 2.5 per cent of that growth.

He said SOEs can grow the country’s economy if they get their acts together and stay focused.

Dr Clement Waine was speaking at an event organised by Eda Ranu this week, which also marked the water company’s 18th anniversary.

Dr Waine was proud to boast that of the total 6 per cent GDP growth the country saw last year, 2.5 per cent was contributed by SOEs, which amounts to around 40 per cent of the total growth.

He said this was made possible through control mechanisms put in place by the government, with the assistance of the Minister for Public Enterprise and State Investments, Ben Micah, and the IPBC.

He said it was crucial that SOEs get their acts together and remain focused to maintain progress.

In the meantime, Director of the National Research Institute, Dr Thomas Webster maintains that SOEs need to be restructured to see real improvements.

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