Small and Medium Enterprise Corporation (SMEC)

K30m for new SME incubation centre

This is the largest expenditure item earmarked for the Small and Medium Enterprise Corporation (SMEC) next year.

More than 100 retail shops will be built at the centre, giving SMEs the opportunity to provide their services in a properly-built centre.

The SME Incubation Centre will sit at the former location of the Six-Mile market.

Meanwhile, only K3 million (K2.989 million) has been allocated for SMEC’s Small Business Development Services.

The K3 million will go towards the National Business Development Services Transfer sub-program.

‘Reserved activities list’ still on drawing board

Managing Director, Steven Malken, says over the last 12 months, SMEC has prioritised other activities and had really progressed with the drafting of the bill.

The proposed list aims to reserve specific businesses only for Papua New Guineans.

Since the announcement of the proposed list by former Commerce and Trade Minister, Richard Maru, in 2014, the SME Corporation is yet to begin the identification process.

Porgera CCI and SMEC to promote business development

The MoU also aims to provide alternate avenues of income generation for locals in Laigap-Porgera once the Porgera mine eventually shuts down.

Porgera CCI Chairman, Nickson Pakea,  said the MoU provide relevant training programs for local people to venture into small and medium business enterprises.

“It means that whoever is already in the field to start up a small or medium business enterprise, we will promote them, and whoever wants to venture into business, we will train them and make them become businessmen or women,” he said.