PM: Growing SMEs ambitious target

Business, Normal

The National, Monday February 24th, 2014

 THE national government will help the country’s small-to-medium medium enterprises (SMEs) grow from 50,000 to 500,000 by 2030, Trade, Commerce and Industry Minister Richard Maru said.

“This is our key strategy to create wealth for our citizens as we cannot remain spectators and being marginalised in our own land,” he said. 

Maru announced this when he officially launched the newly-constructed lodging house “Samey Lodge” at 6-Mile in Port Moresby last Thursday. 

 “While I acknowledge this (SME plan) as an ambitious target, I take note of the countries such as New Zealand that have such a number of SMEs but without resources.

“On the other hand, we have such resources such as our land mass, petroleum and mineral resources, our vast forests and underdeveloped agriculture sector,” Maru said.

He said apart from the 12 Point SME stimulus package announced by Prime Minister last year, the government would also launch its new SME policy and master plan in May.

“The plan includes bringing back enabling legislations which would support the growth of the PNG SME sector. 

“This includes the reserve list, the Trade and Investment act, which would cater for a foreign investment review board, the national content plan, the SME Act, Anti-dummy Cct and many others,” Maru said.

“Our SMEs have been crying out for tax breaks and as a responsible government, we are looking at tax reforms for them to benefit.