PNG CAN LEARN FROM NEW ZEALAND TO DEVELOP OUR SMALL AND MEDIUM ENTERPRISES JW
PNG CAN LEARN FROM NEW ZEALAND TO DEVELOP OUR SMALL AND MEDIUM ENTERPRISES 08 Mar 2012
By Glenda POPOT.
Minister for Commerce and Industry Richard Maru is looking at New Zealandâ€™s model on Foreign Investment in supporting the need to protect indigenous people, and ensuring that investors that come to our shores are genuine. Minister Maru announced this after his recent trip to New Zealand, where he observed the New Zealand model, which is at the higher end, supporting very high level investment free movements, but only limiting close scrutiny to sensitive investments into fishing and land-holdings.
Whilst observing that, perhaps another model should be used, Minister Maru has reaffirmed his position to bring in legislation to reintroduce the reserved activities list and to ensure that foreign investments go through a more stringent due diligence. Mr. Maru says New Zealand with half of PNGâ€™s population has more than 500 thousand small companies, compared to PNGâ€™s 40 thousand on record. The Minister says this demonstrates the inherent failure by the PNG Government in developing the SME sector.
Therefore the Minister says he is keen to develop, design and adopt a stimulus package for indigenous small to medium enterprises in PNG, supported by an appropriate institution. Mr. Maru adds that this is PNGâ€™s key strategy in creating employment for people who remain unemployed in the formal sector.