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Sports |
PNG needs a sound open market economy
I WOULD like to air my views on what an open economy can bring
to Papua New Guinea.
The people have seen what competition in the mobile phone sector
does to affordability, efficiency and quality of products and
services.
In fact, that is only a small picture of what a
real deregulated market would bring.
As more monopoly barriers are removed from other semi-government
bodies, more services would become accessible and affordable.
History has shown that competition improves the living standards
of the people and makes a nation more compatible with the global
world.
However, it is of vital importance that there are strong and
stable government institutions and appropriate domestic policies
to safeguard the interest of the people, especially
environmental and human rights issues.
Gone are the days of closed economies as more countries
worldwide are choosing an open market because it stimulates
growth in the domestic economy and reduce poverty.
Regardless of how slow the monopoly barriers are coming down, it
would definitely come down because the world is moving into a
global economy.
Therefore, more multi-national enterprises would enter the
domestic market.
It is now a challenge to the Government on how it is able to
retain those gains domestically and protect the interest of the
nation.
A sound open market economy is not only built on autonomy and
decision-making but also
upon the pillars of sound domestic policies, strong government
institutions and a stable legal system.
Only then can our nation succeed in a highly competitive global
world.
M. Paliou
Swinburne University of Technology
Victoria, Australia
 
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