Corporation looking to review ‘reserved list’ for businesses

THE Small and Medium Enterprises Corporation (SMEC) is aiming to review the much talked about “reserved list”, an official says.
SMEC acting managing director Petrus Ralda said the review would try to define which businesses should be specifically for locals.
“What we are doing is we want to clearly define the reserve business activities,” he said.
“What can be put on the open market and what can be reserved for Papua New Guineans.
“It will be part of the amendments to the SME Corporation Act so that it will give us the mandate to actually regulate the sector.”
Commerce and Industry Minister William Duma also told Parliament yesterday that work was currently in progress on the reserved list.
“It does not mean that we pass the reserved list and expect them (locals) to operate in a vacuum,” he said.
“It will also call for the Government to look at strengthening the infrastructure and business support schemes.
“We must not simply introduce a list and leave it there.
“This Government has recognised the struggle that our people have gone through over many, many years. This time we want to make it in a way that we have our people participate meaningfully in the industry, that we have come of age.
“At the same time, provide the funding and we meaningfully educate our people, through the SME Corporation, through the business incubation centre, so that when we help our people, and we fund them, they will also have the ability to run businesses. We are undergoing this review.
“It will be a thorough one, and will be a view from all the sectors.
“But we must also acknowledge that some of these businesses owned by outsiders are very good tax payers.”
Meanwhile, Ralda said a consultation on the SME policy which involved the “reserved list” would be held.