Govt-EU partnership looks to strengthen private sector

 THE European Union is working with the PNG Government to strengthen the role of the private sector as the engine for inclusive economic growth and sustainable development, a joint statement said.

A wide consultation process has been launched to better target its support for development of local businesses and for a stronger role of private sector for development in partner countries. 

The PNG Government and the EU will be hosting a consultation event today in Port Moresby. 

Discussions will touch on constraints and opportunities for private sector-led growth in PNG and key issues for consultations such as how to step up support to micro, small and medium enterprises, access to finance and working with private sector as “delivery channel” for development, the statement said. 

In PNG, the EU has so far provided assistance for the development of a trade policy, and for increasing PNG’s trading capacity through trade facilitation measures. 

The EU has provided support for rural economic development and education as well.  

New programmes on trade, rural economic empowerment and human resource development for a total of about K200 million over a four-year period are forthcoming. 

The EU grants unlimited access for all products made in PNG under an EU-PNG trade agreement, the so-called interim Economic Partnership Agreement, while PNG has reduced a number of tariffs for imports from the EU.