Prime Minister Hon James Marape recently addressed the importance of the partnership that the government and businesses can foster to discuss policy, financial barriers, technology and innovation so that growth in business can be accelerated.
He highlighted this during the Business Council of PNG's Back to Business Breakfast which was held on the 30th of August at the Stanley Hotel and attended by Ministers of State, executives of the business council and members of the private sector.
The Prime Minister's address was followed by a panel discussion and a question-and-answer session with "key economic ministers".
As this was the PM's second business breakfast, He said "businesses are key drivers of the economy that I acknowledge, so conducive policy, and a regulatory business environment are key ingredients".
"Last year when I addressed the business council I stated that the government will be responsive to create a a conducive environment for business, trade, and investment. The consultation of the private sector is significant in putting together policies so that interventions can be established to grow the private sector".
Marape said that during the second year of his tenure as the Prime Minister, the country was just recovering from the peak of the Covid - 19 pandemic. At that time, his government was at the stage of placing critical actions to restore the economy, growing it as well as dealing with the aftermath of the pandemic. Despite these challenges the economy showed stability as the country adapted through well managed investments from that period of great uncertainty to a period of more hope.
The PM also took the time to show his gratitude and appreciation to the many investors and business houses who continued to operate and provide vital services and employment opportunities for the people during those trying times. The government has pledged to do its best and plans to build confidence in the business environment to support them in growing and sustaining their businesses.
Furthermore, Marape added that his Government remains fully focused on implementing Micro Small and Medium Enterprises (MSMEs) that will empower the people to become productive and self-sustaining. The number of MSME's has continued to expand and business and investors have a major role to assist this sector grow through provision of credit and business literacy skills. A thriving SME sector empowers the small business owners to be self-sustaining and contributes to economic development.
In relation to this, Marape continued by highlighting that in order to create and increase business opportunities key ministers have been retained in their portfolios for continuity and stability while some portfolios have been merged to free up ministerial positions. This has now allowed the government to create new ministries that best reflect its key priorities. The new ministries created are International Trade and investment, Oil Palm, Livestock, Coffee, and Agriculture. These ministries will ensure that more focus and attention is given to their mandate to strengthen their capabilities and production. This will allow this economic sub sectors to grow and harness their potential for increased investment and revenue generation by business houses and the rural population.
The government is also focused on unlocking customary land for business and commercial purposes. That is why it is placing great emphasis on sustaining Agriculture for over 82 per cent of the population. The restructure of the ministries and separation of Livestock, Coffee and Oil Palm is important in making this a successful process.
"We want to grow our economy and create more opportunities for our people. The road ahead requires a concerted and collective effort to fully realize our economic potential"
"We would like to return our country to a place where it is safe for our investors to do business and I encourage the private sector to to work with the government to grow the economy through effective partnership arrangements”. Marape said.
The Prime Minister concluded his statement by saying "To achieve this I am confident that the restructuring of my cabinet and its refocus will derive the desired outcome that is beneficial to our socio-economic development aspirations in the next five years”.
