PNG Government To Promote More Locally-Owned Businesses

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Business incubator system to be allocated more funds

By Eric Balaria

PORT MORESBY, Papua New Guinea (The National, July 9, 2015) – The Government is committed to ensuring that most businesses in the country are owned by Papua New Guineans, Trade, Commerce and Industry Minister Richard Maru says.

He said more than half of the businesses in PNG were owned by outsiders and the Government now had the intention of changing the business growth trend through its Vision 2050 to allow more Papua New Guineans to own businesses.

"The Government, under Vision 2050, has stated very clearly that 70 per cent of all the formal sector in terms of the business must be owned operated and managed by Papua New Guineans by 2050.

"We (PNG) are the fastest growth economy in the whole world.

"Over the last 14 years our economy has grown by over 8 per cent per annum and this year our economy will grow to 15 per cent.

"But when you come here the bulk of the business is not owned by locals. So the Government has taken responsibility to do something about that and to start reversing this trend and one of the ways we want to do that is investing in the business incubation system."

Maru said small and medium enterprise (SME) Stret Pasin retail business incubation programme, which is being carried out by National Development Bank, was one initiative that the Government supported to increase local SME numbers.

"As a government, we are committed to support NDB and I’ve asked NDB to bring in a submission now so we can look at making more funds available in the budget next year to support the rollout of the business incubator system."

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