SME support seen as key

A LOCAL businessman says Papua New Guinea still has a long way to go in developing small-to-medium enterprises (SMEs) which need more support.
Kokopo businessman Jack Wallom, also the board chairman of the Kada Poroman Microfinance Limited (KPML), said it was not only the Government but also the small business owners who must develop the sector. Wallom said South Asia was driven by SMEs alone.
He added that they focus less on mining and more on renewable resources – tourism, oil palm and fisheries.
“What the countries in South Asia are doing we can also do the same in PNG if we all work together,” Wallom said.
“Those countries are poor. They do not have resources like us.
“But they work together to develop SME activities and support the national economy.”
Wallom said the social indicators in East New Britain were bad. And SME is the way out of social issues.
He urged the provincial government to support the SME sector and conduct trainings on financial literacy. “We have got a lot of school-leavers from Grade 12 and universities just roaming the streets,” Wallom said.
“And every year, the numbers increase.
“It gives pressure on parents, the government and law enforcement bodies to deal with these people.
“We cannot blame them and I believe SME is the way out.”