Enhancing PNG’s business climate


<p style="text-align: justify;">Despite riding the crest of a resource boom for the past several years and clocking a higher economic growth rate than other Pacific Island countries, Papua New Guinea still ranks 101st out of 183 countries in the ease of doing business index.<!--more--></p>
<p style="text-align: justify;">Besides, small and medium enterprises (SMEs), which are the engine of growth in many a developing economy, have not been able to partake of the success of PNG’s spectacular growth rates.</p>
<p style="text-align: justify;">According to the Minister of Commerce, Trade and Industry Charles Abel, the contribution of small and medium enterprises to the PNG economy is a lot smaller than has been expected.</p>
<p style="text-align: justify;">The government has had a public private partnership programme to address that, called the National Working Group on Removing Impediments to Business and Investment (NWGRIBI). After a two-year break, the programme was re-launched this week in Port Moresby.</p>
<p style="text-align: justify;">International Finance Corporation (IFC), an arm of the World Bank Group, was instrumental in reviving the initiative along with private sector companies and the office of the PNG prime minister.</p>
<p style="text-align: justify;">IFC resident representative in PNG Carolyn Blacklock said IFC would “share its extensive global experience gained from supporting more than 30 public-private sector dialogue processes worldwide to help ensure PNG’s reconstituted group will be sustainable.”</p>
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<p style="text-align: justify;">Photo / Pacific Islands Trade &amp; Invest</p>