SME Master Plan Launched

A bold blueprint that will stimulate Papua New Guinea’s Small to Medium Enterprises, SME, over the next 14 years was launched by Trade Minister, Richard Maru and Prime Minister, Peter O’Neill in Port Moresby.

Named as the SME Policy and Master Plan 2016 – 2030, its key objectives includes growing 500’000 SMEs, create employment opportunities in the form of 2 million jobs with the sector, ensure fair distribution of national wealth from the mere 10% of local ownership to 70% and support and inclusive and sustainable economic growth.

Minister Maru said there was no other way to grow the country’s economy, but through the SME and agriculture sectors.

“We cannot continue to rely on the extractive industry and you know why – when the extractive resources stop, we starve and that’s why we have created this master plan to guide the SME towards the national objectives that we aspire to achieve in the next 14 years,” said Minister Maru.

The resonant message of more interaction between SMEs, the agriculture sector and government was a predominant facet of emphasis from various speakers during the 2016 Leaders’ Summit in Port Moresby, which concluded on Thursday.

It was resonant enough to prompt Prime Minister O’Neill to dedicate K200 million this year towards implementing key goals within the SME Master Plan.

Photo Caption: PNG Prime Minister, Peter O'Neill receives the SME Master Plan 2016 - 2030