SME

Minister for Inter-Governent Relations, Kevin Isifu, says the SME facility will be established once land is identified.

The minister responsible for the Wutung Border Post in West Sepik says an international bus service and terminal is also proposed.

The Minister said the SME sector will be established once a proper location is identified.

The SME Facility will accommodate locals at the border to sell their goods to visiting Indonesians.

He said his five-year development plan includes capturing the rollout of Small to Medium Enterprises for mothers for the electorate. This will be launched this month.

Kaupa said some of the electorate’s DSIP funds will be parked with the National Development Bank and mothers engaged in the informal sector will receive K5,000 funding for their businesses.

Kaupa told the women to register their businesses with Investment Promotion Authority and open an account with a commercial bank to receive funding assistance.

Despite their contribution to the SME sector, there are no proper markets and education pathways to support their trade.

These were highlighted by Katherine Johnston, owner of Gemini Jewelleries.

Kathy Johnston, 4^th generation Papua New Guinean and owner of Gemini Jewelleries, said PNG artists and crafts men and women are gifted with talent and potential to contribute meaningfully to tourism and the economy, if supported well.

Johnston said more efforts are needed to develop a curriculum at the tertiary level for the arts and crafts trade.

The software system is a product of cooperation between the Government, BSP and the World Bank through the International Finance Corporation.

Minister for Commerce and Industry, Wera Mori, presented the cheque to BSP CEO, Robin Fleming, today.

Minister Mori, said the PNG SME access to finance project through the ‘LendFast’ system, has been successful given the good response to the facility by the SME sector.

He commended BSP for the implementation of the system, providing loans to SME’s which in turn will boost the economy.

Provincial commerce advisor Didimas Epo said many public servants retire without proper knowledge of sustaining their retirement pay.

Therefore, he said the provincial administration, through its commerce division, wanted to create a pathway for its retiring public servants.

“From experience, we found out that a lot of public servants leave without being given a proper pathway and at the end, they find out that they lost all their money because of bad or poor investments,” he said

Maru said both legislations are awaiting National Executive Council approval which he says he has spoken to Prime Minister, Peter O’Neill, about to make it an agenda.

The Minister responded to Mendi MP, Dei Kewanu, who enquired on the status of the legislations.

“I’m happy to inform this Parliament that both legislations are now awaiting NEC approval.

TRocks Construction Ltd owner Berldon Timah said the company was in operation for just only four months.

He said the purpose of setting up the small scale mining is to help the youths in the area participate in the workforce in their own area.

Timah said so far the company employed 48 workers who are on day and night shifts.

He added that the Government must look into helping such Small and Medium Enterprises and support the youths in the rural area.

The workshop is part of an effort by the IFC and the PNG Government to develop and foster sustainable growth of the country’s SME sector.

International experts will share with SME’s and stakeholders their experiences in assisting SME communities and examples that the Government can explore more and adopt to boost SME growth.

The IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in emerging markets.

Acting Managing Director for the Small to Medium Enterprise Corporation (SMEC), Steven Maken, made this known in his presentation at the Consultative Implementation & Monitoring Council National Development Forum today.

Maken presented ‘Experiences on implementation of the SME Policy & Master Plan’ which he highlighted legislations considered by the SMEC to be implemented, and the very contentious one of reserved businesses.

“It will not come easy, some people have enjoyed certain things for too long, it will come down with some fight,” said Maken.