SMEs get big NEC push

 THE National Executive Council has resolved to approve the Madang small-to-medium enterprises (SME) summit report.

Prime Minister Peter O’Neill yesterday said the decision specifically related to the 21 recommendations contained in the declaration and communiqué for immediate implementation.

The prime minister said the implementation of the 21 recommendations would form the building block for the country’s new SME policy and master plan that would be completed by December.

He said the summit report was indicative of the government’s game-changing decision and, “when implemented from 2014 onwards will change the economic landscape of our country”.

“Apart from providing appropriate funding in the 2014 budget and future budgets to support strategies to develop and grow the SME sector, we will also be enacting enabling legislations that will provide legal basis for us to implement our plans to:

• Reintroduce a comprehensive reserve business list;
• Establish a foreign investment review board to screen and only approve investors who meet the national interest test to be allowed to invest or carry out business in Papua New Guinea; and 
• Enact a new national content legislation to regulate spin off and other business opportunities including banning fly-in and fly-out by way of regulation.

“This law will be developed as Organic Laws,” O’Neill said.

Cabinet had tasked Trade, Commerce and Industry Minister Richard Maru to preside over the implementation of the 21 recommendations from the Madang summit.

“I take this opportunity on behalf of our government to thank the sponsors, all delegates, host Divine Word University, guest speakers, Madang provincial government, Madang branch of the Indigenous Business Council, management and staff of NDB, media and all who worked tirelessly to stage the summit and assure you all that my government is committed to support the growth of the SME sector to generate wealth and employment for our citizens,” O’Neill