The National, Wednesday 29th May 2013
ONLY about 10% of small-to-medium enterprises (SMEs) in Papua New Guinea are owned by locals, National Development Bank (NDB) managing director Moses Liu says.
He told participants at the PNG business and information expo in Port Moresby yesterday the country’s SME sector needed to grow.
More emphasis was placed on the small business market, which is a vital sector in all countries, Liu said.
He said 70% of the world economy was controlled by SMEs, which is the engine room of the developed world.
“Unfortunately in PNG, only 10% of the SMEs are owned by nationals … we got a huge challenge in our hands but we need to start now and NDB supports the local SME sector to grow,” Liu said..
In 2011, NDB organised and held the inaugural indigenous business summit in Kokopo to promote and empower local business in the SME sector.
It was attended by more than 1,000 local entrepreneurs.
Liu said: “NDB has been tasked with the responsibility of providing affordable credit, financial services and financial literacy to the people through the various products it has to offer.
“These services must help in improving the lives of the bulk of our people who live in the rural areas.
“Small business operations failed due to lack of skills … more business know-how is required”.
NDB will launch the stret pasin business scheme this year to boost the sector.