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October 17, 2021
Featured Islands News

West New Britain to Pilot First SME Incubation Centre

By EMTV Online

 

West New Britain will be the first province in the country to pilot the Joint Establishment and Incubation Center of the Small to Medium Enterprise Sector.

In a ceremony today in Kimbe, a memorandum of agreement was signed between the Provincial Administrator and the Small Medium Enterprise Corporation, or SMEC.

Provincial Administrator Williamson Hosea said the agreement will be a boost for the SME sector, which is the backbone of the province’s economy.

Hosea added the incubation center will enable provincial authorities to partner stakeholders, including the National Government, to develop proper infrastructure and allocate funding more effectively to develop the sector.

Meanwhile, SMEC Managing Director, Steven Maken, said the incubation center is part of the National SME Policy, and West New Britain will pilot this initiative to see SME’s receive the attention they need.

Maken also said due to funding constraints, SMEC is not able to roll out this initiative to all provinces, but added all provinces must show interest and support in terms of funding and other necessary tools to establish this important center for the SME sector.

The incubation center, once properly established, will assist local SME’s in the province to set up proper infrastructure, and manage proper funding and donor assistance.

SMEC is currently working on establishing 4 Regional SME incubation centers in the country, with Kimbe being the pilot for the NGI Region.

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