The SME Corporation is growing its partnership with stakeholders to advance its flagship program which is the development of Regional Business Incubation Centres throughout the country.
On Friday, April 12, a Memorandum of Understanding (MoU) was signed in Lae between SME Corporation and Tok Stret Consulting Limited (TSCL).
The MoU will see the two parties co-operate to discuss opportunities for collaboration in the following areas:
1. Build Capacity of Lae SME Incubator Hub to deliver SME Development Support, Access to Markets and Market Information, Access to Finance through TSCL incubates and networks.
2. The use of the SMEC Brand alongside the TSCL Brand for MSME program initiatives by TSCL
3. Local Trade Fairs for Access to Market Initiatives by TSCL in Morobe Province.
4. Value and Supply Chain Training and Development for TSCL stakeholders.
The MOU was signed by SME Corporation managing director, Petrus Ralda and Tok Stret Consulting Limited director, Terry Byrne.
The MoU will see the establishment of business development support services for SMEs, associations, cooperatives, and the MSME ecosystem for Lae and Morobe Province.
Ralda pointed out that the partnership with Tok Stret Consulting Ltd is in line with the development of Regional Business Incubation Centres which started in 2018. He stressed the importance of partnership and networking.
He said: "Public to Private Partnership is very important to SME Corporation for MSME development. SME Corporation is using that strategy to forge partnerships with stakeholders on areas of mutual interests, align, and work together to support the MSMEs in PNG."
Currently, work is in progress for the Regional Business Incubation Centres in strategic locations which include; Kimbe to cater for micro small medium enterprises or MSMEs in the New Guinea Islands Region, Jiwaka to cater for the MSMEs in the Highlands Region, and Port Moresby for the MSMEs in the Southern region.
The goal of BICs is to incubate and nurture the start-up MSMEs that normally fail in the start-up phase. This is SME Corporation’s first intervention and support to a SME that is operating an incubation centre for MSMEs.
The SME Corporation also donated a multipurpose printer to Tok Stret Consulting Limited for the smooth operations of the Lae Incubator Hub.
Tok Stret Consulting Ltd is a 100 percent PNG-owned Training & Development company that provides corporate and MSME programs to the local people. The programs are run utilising SME Corporation models.