Mori raises concerns over lack of markets

Business

A LACK of markets has been the major challenge for micro small to medium enterprises (MSME) development in PNG, Minister Commerce and Industry Wera Mori says.
Mori, who addressed the World MSME Day yesterday, said the growth of small to medium enterprises (SMEs) had been hampered by the high cost of commercial land and credit financing.
He said SME development was continuously impeded by many chronic factors including:

  • The lack of access to markets both locally and internationally;
  • lack of business and physical infrastructures that could stimulate the growth of SMES;
  • lack of entrepreneur capacity, building and training;
  • lack of support regulatory frameworks of which SME can thrive under;
  • lack of key policies enabling business environment;
  • high cost of doing business;
  • lack of access to commercial land; and,
  • Lack of access to affordable credit finance.

Mori said the Marape-Steven government’s foresight and vision to take back Papua New Guinea through development of the economy, especially the SME sector, was important.
“I am committed to the government with key polices, regulatory and institutional interventions that will address the constraints and also facilitate SME development in PNG,” he said.
“We will review the National SME policy 2016 and SME Master Plan 2016 to 20130.
“This is because in that plan we have a vision to grow half a million SMEs by the year 2030.
“We only have 11 more years to go before we reach 2030.
“Unless there is an exponential growth we may not reach that target that’s why the review of intervention polices.
“I am confident that the ministry will be better positioned to support the government’s vision and priorities on getting back Papua New Guinea through the development of economic sector especially promoting trade investment and commerce in the SME sector.”