SME Businesses

New Investment Promotion Law encourages growth

The Investment Promotion (Amendment) Bill 2022 is a change from the Foreign Investment Regulatory Authority (FIRA) Bill, tabled by the previous Government, in response to concerns that SMEs were facing unfair competition by foreign businesses.

The FIRA Bill went too far in restricting business activities and was damaging PNG’s reputation as an attractive destination for foreign investors.

Honey Farmer Urge Gov’t For Support

Principal of Bee Supplies, Ian Mopafi based in Korefegu said it is important for government, Small Medium & Enterprises Corporation (SMEC) and other line agencies in the SME sector to fund existing businesses.

“This is because SMEC and the Provincial SME coordination office around PNG do not have proper statistics and data. Over the years many SME businesses missed to apply for funds or starting capital,” he stated.

Currently, Usino Bees Supplies employed 20 locals and provide training for youth and SME groups; and schools involved in the SME space.