Maru: SME sector worth K15bil

THE informal small-to-medium enterprise (SME) sector in the country is worth around K15 billion, says Yangoru-Saussia MP Richard Maru.
Maru, a former commerce and industry minister and National Development Bank managing director, attended in Port Moresby on Friday the closing of the Unity Mall and National Capital District Commission SME fair.
He said SMEs should be formalised to contribute to the gross domestic product (GDP) growth.
“I saw how countries in Asia were transformed through the SME movement,” he said.
“In Thailand, 80 per cent of goods and services, and export are produce by SMEs. They are the powerhouse of the economy.”
He said New Zealand had 500,000 SMEs, contributing to more than 50 per cent of the GDP.
“The total production of the informal sector – the market mama in PNG – is around K15 billion a year,” he said.
“They pay only GST (Goods and Services Tax).
“But that is what goes around in our markets, including the Gordon market today.
“The sector is worth about K15 billion in terms of sale, production and revenue.” Maru said PNG could reach 500,000 if the Government recognised the importance of the sector and the potential of the people to be successful.
“We cannot continue selling buai on the streets. This is our country. We must get into mainstream business in PNG.”