Add value to operations, PM presses business community

PRIME Minister James Marape has encouraged the business community to embrace how they could add value to their operations and for downstream processing.
Speaking during the Port Moresby Chamber of Commerce and Industry (POMCCI) breakfast with the business community and distinguished guests at the Hilton Hotel yesterday, Marape said there would be three designated areas in the country for special economic zones (SEZ).
“Working with Commerce and Industry Department and Treasury, we can tell exactly what the incentives are, that we will give them including tax-free status in some of the specific investments that meets specific criteria,” he said.
“Those criteria are basically: if you are incubating, and have an indication to further incubate whether smaller or micro SMEs (small to medium enterprises); you are employing certain percentage of Papua New Guineans; if you are buying certain percentages of goods and services procured in the country, then you will attract special tax incentives.
“We are already giving tax incentives to our big oil and gas miners.
“Why not give incentives to existing businesses in our country so that they can expand?
“Those government policies will be to ensure we anchor our businesses who are present here, and we attract businesses and we ensure they are given the right incentives to grow.
“So in the next 10 years, we want to work with you and all the stakeholders to ensure we grow.”
Marape said this while focusing on SMEs, there would be assumptions on allocations in that area.
“We want to put money whether in the National Development Bank to facilitate that transaction for us,” he said.
“But we will also partner with Bank South Pacific (BSP) and other commercial banks in the country, who are able to serve our intention to support SMEs.”