SME draft policy out

By SHIRLEY MAULUDU
A DRAFT policy and master plan for the small-to-medium enterprises (SMEs) was presented to Prime Minister Peter O’Neill and members of parliament yesterday.
The draft policy, presented by consultant Esther Igo, highlighted the high level of unemployment in the country.
Igo said about 84% of the people, or 3.2 million, are without jobs.
Igo said in such a case, SME could now be involved to play a vital role in the lives of those without any source of income.
The plan highlighted that 90% of economic activities were controlled by foreign-owned businesses.
The issue on the business dominance of foreigners had spurred MPs to ask the government to pass laws restricting SMEs to the hands of Papua New Guineans.
The working committee, through consultations carried out throughout the country, found out the total number of SMEs in the country currently was about 49,000.
However, the draft SME policy wanted  to increase the number to 450,500 by 2030.
Minister for Trade, Commerce and Industry Richard Maru (pictured) told MPs that “feedback and suggestions given by members of parliament would be considered for inclusion in the final policy and master plan for implementation  across the country.”
The major goal of these two key policy interventions was to promote the development of a competitive and sustainable SME sector by creating conducive environment for doing business and encouraging entrepreneurialism and enterprising culture in PNG.
Maru had said these key policy interventions were planned to give potential, aspiring and existing micro, SMEs the opportunity to start, improve and expand businesses.