Maru urges Govt to table reserve business bill

YANGORU-Sausia MP Richard Maru has called on Prime Minister James Marape to get Commerce and Industry Minister Sam Basil to have the reserve business legislation tabled in Parliament in this month’s sitting.
Maru said Marape should also direct the Bank of PNG to set up the Credit Guarantee Corporation.
He said providing SME funding to National Development Bank and Bank South Pacific under the stimulus package fell short of what the sector really needed to fuel growth.
“Our Government must take a multi-faceted approach to enable more of our economically active population segment to realise their aspirations in achieving economic independence,” Maru said.
“Our people cannot continue to be spectators in their own land.
“Provision of cheaper and accessible loans is not sufficient for overall MSME sector growth.
“Two critical SME sector interventions PNG needs are the reserve business legislation and the Credit Guarantee Corporation.
“If the the Government is serious (about reserving business) opportunities for Papua New Guineans, then the legislation must be tabled and enacted in Parliament.”
He said it would bring back businesses exclusively reserved for PNG citizens only.
“The list is already clearly spelt out in the SME Policy,” Maru said.
“The Bill was prepared and approved for tabling in Parliament over two years ago but has been derailed by a strong lobby group with self- interest. The provision of low-interest loans is not enough to get citizens into businesses.”