Review needed to remove impediments to SME growth: Mori
Lack of market access, high cost of commercial land and credit financing are key impediments to the growth of a thriving Micro Small Medium Enterprise (MSME) and Small Medium Enterprise (SME) sector in Papua New Guinea.
These remarks were made by Commerce Trade and Industry minister Wera Mori while addressing the World MSME Day on June 27.
He said his department would support the Government’s focus on the SME sector with key policies and regulatory interventions that will address constraints and facilitate growth.
Mori said there will be a review of the National SME policy 2016 and the SME Master Plan 2016-2030 which have a vision to reach 500 million SME’s by 2030 encouraging inclusive growth that will underpin the PNG economy.
He said there are only 11 more years to reach the target, hence the review to realign regulatory and institutional interventions to achieve set targets.
According to the United Nations Development Programme resident representative Dirk Wagener recently said the micro small medium enterprises account for 60-70 per cent of global employment and 50 per cent of gross domestic product worldwide.