Food crisis, inflation worrisome

THE world continues to face a food crisis and global inflation as food and fuel prices continue to soar, says State Minister assisting the Prime Minister and National Events, Justin Tkatchenko.
Tkatchenko told the Asia-Pacific Economic Cooperation (Apec) Ministerial Meeting last week that they had not only worsened pre-existing challenges from climate change and natural disasters “but also have significant disproportionate economic impacts on many small developing countries, including Papua New Guinea”.
“Therefore, PNG looks forward to possible outcomes in recognising important roles that trade plays in advancing food security objectives,” he said.
Tkatchenko urged World Trade Organisation members to agree on broader parameters to reach sustainable outcomes that will strengthen the agricultural trading systems.
He said increasing the participation of women with untapped economic potential “requires an environment that can support the transition from the informal to formal economy and create opportunities, access to global markets and value chains”.
Tkatchenko added that small-to-medium enterprises (SMEs) were an integral part of the service sector, and increasing access to capital markets and providing financial and digital literacy empowers people to participate meaningfully in economic development.
“The PNG SME sector is dominated by women, and the Government has created opportunities for women to access capital through Women’s Micro Bank and other members who also provide financial decency for women owned businesses,” Tkatchenko added.
“We also recognise the role of indigenous people and indigenous knowledge and practices that are becoming valuable in sectors that require greater participation from rural communities, particularly in agriculture, fisheries, health and in the response to climate change and natural disasters.
“Despite the challenges, businesses and people continue to thrive.”