SMEs need to register


NINETY per cent of small to medium enterprises in the country are non-compliant, according to chief executive of Omega Consultants Emmanuel Masangkay.
Masangkay was speaking during the University of Papua New Guinea Executive Masters in Business Administration pinnacle 2016 in Port Moresby yesterday.
“In Papua New Guinea, we have almost 50,000 SMEs,” Masangkay said.
“Of the 50,000, 90 per cent are non-compliant in the sense that they are not IPA (Investment Promotion Authority) registered.
“Of that number, 20 per cent are in Lae, 20 per cent in Port Moresby, 60 per cent in the rest of the country.
“The biggest challenge is they are not being compliant.
“I really believe that SMEs are the backbone of our country and we really need to develop them.  It doesn’t matter how you start.
“What matters is the difference that you make in your business, the community and business sector.”
Meanwhile, the Government this year launched the country’s first SME policy and master plan as a guide to the development of the sector in the country.
During launching, Prime Minister Peter O’Neill said: “The policy and master plan would have a positive impact on so many lives and families.”
“But he acknowledged that challenges would be faced along the way.   It is not going to be easy. If we are going to double or triple or tenfold the numbers of our participants in the small to medium enterprises from 50,000 to 500,000 in 2030, it is not going to be easy.
“Running a business is not easy. Sacrifices have to be made.
“This policy and master plan will guide us, it will guide future governments, to make sure that they put enough resources into SMEs.”

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