Papua New Guinea Minister for International Trade and Investment Richard Maru has announced that the National Executive Council has approved a decision to support small and medium enterprises with grant funding of K100,000 (US$ 24,530) per company.
He said the grant was designed to help SMEs export products to overseas markets and would be delivered through a competitive bidding process.
“More details will be announced soon. Our Government is ready to drive the growth of the SME sector,” Maru said.
The announcement was made during the New Zealand Economic Support Morning Tea on August 6, where Maru also acknowledged New Zealand for its long-standing support to Papua New Guinea.
New Zealand Prime Minister Christopher Luxon attended the event and met local entrepreneurs supported under the Business Link Pacific Program. The program provides access to business advisory services, concessional lending and grants, with a particular focus on women-owned enterprises and rural businesses.
Maru highlighted New Zealand’s broader contributions to PNG, including financial assistance to upgrade the Gordons, Kimbe and Lae markets.
“Markets are where most of our SMEs and mothers from the informal sector sell their products and we want this to be replicated in the rest of the provinces and districts in the country to support our mothers and sisters,” he said.
He said the PNG Government has consistently provided over K100 million (US$24.53 million) annually for the past seven years to support SME loans, alongside new grant funding assistance for the Women’s Microbank (Mama Bank).
“At the moment we have about 50,000 registered formal SMEs. There is scope for more. We need to identify them, train them, encourage them, create business opportunities for them, and create an environment where they can operate and thrive in,” Maru said.
He also called for PNG and New Zealand to elevate ties by pursuing a Comprehensive Economic Partnership Agreement. He said one of the key areas should be how New Zealand can help PNG expand its SME sector and connect entrepreneurs to markets abroad.
At the same time, Maru reaffirmed PNG’s position on PACER Plus, stating: “We are a big island nation. We have the resources, we have the population, we have our own issues and our own national interest that must be catered for.”
Reflecting on the 50-year relationship between PNG and New Zealand, Maru said both countries must now anchor the partnership in practical outcomes.
“As we take a stock take our last 50 years, there is so much to be done and we need partners like New Zealand to help us unleash the potential that we have always had as a country. We need genuine partners like New Zealand who will help us to build industries, grow our businesses and create employment,” he said
