Prime Minister Peter O’Neill has called on leaders to be pro-active in sectors such as small and medium enterprises, and agriculture, and must broaden the country’s economic base.
Speaking at the 2016 Leaders Summit recently in Port Moresby, O’Neill said: “The same encouragement we give to our big investors – must be extended to small and medium enterprises in our country.
“We are needing to adjust how Government does business, the world is becoming very competitive. Time and time again, our country has been riding the boom and bust cycle of the resources sector.
“We are not learning the lesson,” he said.
O’Neill told the leaders to expand the sectors of their economy and must do so now so that the foundations of our economy are sound.
O’Neill also launched the SME Policy after the two days Leaders Summit last Thursday evening.
Speaking at the launch, O’Neill said about 90 percent of the formal economy is owned by foreigners and the formal SME sector is crowded out by many foreign businesses after the removal of the reserved businesses.
He said the result of our failure to harness our potential into becoming a high income country by now begs any rational government and its people to take stock of our past journey.
“A new plan must be implemented with total commitment to deliver a better and prosperous future for our future generations in line with our PNG Vision 20150.”
O’Neill added that the government is committed and will provide funding and other support necessary to give our country, and our people, a fighting chance against economic imbalance and poverty.
“Under my leadership of the SME Council, we are committed to provide policy oversight and strong financial support to grow the SME sector to secure a prosperous future for our people and our beloved country.”