Exec clarifies role of IPA

THE agency directly responsible for the growth and development of the small to medium enterprises sector in the country is the Small to Medium Enterprise Corporation (SMEC), according to the Investment Promotion Authority.
Managing director Clarence Hoot made this clarification during the Start-Up PNG convention in Port Moresby last Tuesday.
He said there was confusion about which government agency catered for SMEs and the SMEC, under the Commerce and Industry Ministry.
“It is their (SMEC) role to support the SMEs,” he said.
“The IPA was established under the Investment Promotion Act 1992 with a core function to promote and facilitate investment within PNG and also promote foreign direct investment.
“In the Act at that time, the Government thought that the IPA would also contribute to economic growth and development, assist with transfer of skills and technology, increase export volumes and encourage import volumes.
“So when you look at this and the agenda of SME comes in, I get thrown the question that I am responsible for the growth and development of SMEs, but the good news is that there is a sister agency under the Ministry of Commerce and Industry, that is directly responsible for them.
“The role of the IPA has been outlined. So I hope this clarifies the issue.”