PM: SMEs Have Huge Role to Play

by PNG Business News - June 28, 2021

Photo Credit: Post Courier

Small and medium businesses (SMEs) have a significant role in economic growth, according to Prime Minister Hon. James Marape.

When addressing the 3rd SME Business Breakfast on Friday (June 25, 2021) to commemorate the end of SME Week, he also praised local SMEs for hosting PNG SME Week at APEC Haus in Port Moresby from June 21 to 25.

“Thank you (SMEs) for what you have been doing this week,” PM Marape said. “Many nations globally are built on SMEs.”

He used the example of neighbouring Indonesia, which has over 50 million SMEs, which he described as the economy's "engine room."

PM Marape also mentioned New Zealand, which he visited last year and described as a country around the same size as PNG but with an economy based on SMEs.

“New Zealand is a country almost the same land size as ours,” he said.

“Their economy is really dependent on SMEs that are based around agriculture, tourism and cottage industries.

“This is a place that we could source inspiration from.

“Based on those small-scale, SME-based industries, they have a US$200 billion economy that keeps them running.”

PM Marape stated that New Zealand's economy is built on agriculture, cattle, dairy, and marine resources, rather than large-scale mining, oil, and gas operations.

“I believe in the propensity of our country to expand to an economy that is beyond US$200 million sizes, if not in the next 10 years, easily in the next 20 years we could get there,” he said.

“That is simply because of the resource density we have in our country.”

“When the going gets tough, the tough get going,” PM Marape remarked as the country went through difficult times.

“Those who will be in the mainstream are those who want to capture opportunities that are available for them,” he said.

“I speak to our local SMEs: There are opportunities available.”

PM Marape stated that individuals working in the SME sector should know that “our Government is pro-business, pro-SME”.

“We want to help Papua New Guineans and those that are resident in Papua New Guinea to get going in business,” he said.

“We embrace businesses of all types because we are cognizant of the fact that success of business allows the economy of a country to be strong.”

 

Reference:

The Department of Prime Minister and National Executive Council (26 June 2021). “PM Marape highlights important role of SMEs”.



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