Sir Bob discusses economy, growth

ENABLING people to be economically viable is a challenge the country must overcome to see real economic development, Governor-General Sir Bob Dadae says.
Sir Bob was speaking during opening of the K120 million Bank of PNG (BPNG) currency processing facility in Lae last Saturday.
“As a young and developing
nation, we aspire to attain economic growth and prosperity for our nation and our people,” he
said.
“Equally, our people must be given priority and encouraged to invest in our resources and in medium to large scale business ventures in mining, construction, tourism and agriculture, to name a few.
“Retaining and improving the monetary value of our currency within the country, complemented with a stringent monetary policy, financial regulation and macro-economic growth will lead to economic expansion and prosperity for our people and our nation.
“We need to have a strong revenue base through new revenue generation initiatives and improved collection of appropriate taxes and income.”
Sir Bob said the country currently had the mining, petroleum and gas sectors which continued to contribute enormously to the country’s gross domestic product, despite the current low world commodity prices.
“Let’s now expand on our potential to raise revenue, through shifting focus from the non-renewable sector resources to focusing on the renewable sectors such as sustainable and progressive agriculture, fisheries and tourism where the bulk of our population is situated,” he said.
“There must be necessary reforms aimed at creating inclusivity, and a level playing field that provides a conducive environment for small and medium-sized businesses to be established, operate and grow the economy.
“I am a strong believer in rural development.
“It is imperative that the financial and administrative systems are strengthened and implemented at that level.
“It ensures the rural masses share that noble aim of ‘fair and equitable distribution of resources’ that is visibly enshrined in our National Constitution.”
Sir Bob said Bank of PNG had taken a big step forward to bring its services closer to the people.
“No doubt a lot of planning, deliberation and organisation have gone into making this occasion a reality,” he said.
“I commend the Bank of PNG for achieving this milestone.
“I am confident that it will continue to roll out its services throughout the country for the benefit of our people and, as depicted by the Alexandra Birdwing butterfly design on this building, our beautiful nation.”