SME policy launch: Papua New Guinea cannot rely solely on the resources sector.
The plans vision is for the SME sector to be a major contributor towards PNG becoming a middle income country by 2030 and high income country by 2050
— By Business Advantage International
This is a policy we will watch closely to identify whether it has any impact on any Australian SME businesses operating in Papua New Guinea. We invite members to share their comments with the Council to help inform us of any impacts.
The plans vision is for the SME sector to be a major contributor towards PNG becoming a middle income country by 2030 and high income country by 2050 Prime Minister Peter O’Neill said the government would be committing K200 million every year to support the plan
- The plan supports the O’Neill’s Government’s long-stated development goal of creating 500,000 new SMEs by 2030,
- Plan includes the revival of the small-business focused Stret Pasin Stoa Scheme in April 2015.
- The National Development Bank (NDB) will be the main implementing agency
You can download the full policy and summary documents here.
Article courtesy of Business Advantage International
April, 2016: PWC published an ‘Overview and commentary on the PNG Government’s SME Policy’ which is useful in understanding the key objectives of the policy and how it could affect foreign-owned enterprises operating in PNG.
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