K12bn in informal economy: DPM

There is at least K12 billion that circulates in the informal sector economy.

Deputy Prime Minister Davis Steven announced this during the opening of the Investment Promotion Authority hosted Regulators Summit on Thursday, September 19th.

He said this is why there is now a focus on the informal sector by Prime Minister James Marape.

Speaking at the opening of the Regulators Summit, the Deputy Prime Minister said the Informal Sector National Audit Report which he launched recently revealed some surprising figures.

He said it was a part of the overall economy that was taken for granted, especially when you have K12 billion circulating within it.

He stated that the sector will be targeted by the Government to bring operators in the informal sector into the formal economy.

Meanwhile, the Deputy Prime Minister commended the IPA for hosting the Regulators Summit and called for a structured approach and workable solutions to be presented to Government.

The PNG Regulators Summit brings together key policy makers, regulators, business practitioners and other stakeholders in a bid to discuss existing regulations, whether they are friendly, for business and how they can be improved.

Based on the Summit discussions, a report will be compiled and presented to Cabinet with recommendations for appropriate polices to be reviewed, which will lead to required improvements in regulations to be developed and implemented.

(Lae main market file picture)

Cedric Patjole