Initiative to help local businesses

 THE National Government is set to reintroduce the “Stret Pasin Stoa Scheme” to support Papua New Guineans take back trade stores, tucker boxes and all other small businesses that are currently operated by foreigners.

Trade, Commerce and Industry Minister Richard Maru said yesterday the scheme would enable local people to buy back small businesses that were supposed to be reserved for Papua New Guineans to manage and own.

“Under our plans of the Government, all shops and small businesses owned by foreigners must be bought, managed and operated by PNG citizens over the next three years, 2016-2019,” Maru said.

“The scheme, which will be our largest business incubation scheme, will be implemented over the next three years by the National Development Bank Investments Limited in partnership with the SME Corporation.”