111124 MOU signing between PNG SMEC and ABG Dept. of Commerce
New Dawn FM News
ABG Department of Commerce, Trade Industry and Economic Development signed an Memorandum of understanding (MOU) with PNG Small Medium Enterprise Corporation (SMEC) marking an important milestone, today.
Secretary of Commerce Alex Kerangpuna was speaking at the signing on behalf of Minister responsible and Vice President Hon Patrick Nisira.
He states that MOU signifies a strong commitment between the ABG and the National Government to foster a vibrant SME sector in Bougainville.
The Toroama Nisira Government acknowledges the vital role of MSMEs and cooperatives in Bougainville’s economic independence.
“To support this, we are investing K8million as a constituency grant for 33 constituencies to promote MSMEs and cooperatives as key economic drivers.
“We firmly believe that through training, mentorship, market access, strengthening cooperative societies operations, and financial security, we are laying the groundwork for a prosperous Bougainville.
“We envision an economy where SMEs and cooperatives thrive, entrepreneurs have the support they need to succeed, and products are known and trusted beyond our borders,” he added.
Kerangpuna read the MOU is a significant step toward realizing that vision and creating a legacy of opportunity and resilience for all Bougainvilleans, thanking the PNG SMEC for this partnership.
“Our work to grow SMEs aligns closely with the vision set forth in the Bougainville Peace Agreement (BPA) 2001, which emphasizes sustainable economic development as a pathway to peace, stability, and self-reliance.
The MOU is also consistent with the Sharp Agreement and our efforts toward the responsible drawdown of powers, allowing Bougainville to take full ownership of its economic future.
He added by building a resilient economy capable of supporting an independent Bougainville.
Other guiding important policies and strategic plans such as the Bougainville long term Vision 2025, the Bougainville Integrated Strategic Development, low hanging fruit policy on key impact projects are initiative government has taken to reproject our effort in building the economy.
Kerangpuna further added at the end of this month, we will launch the Bougainville five years Economic Roadmap and begin work on a long-term Economic Department Plan for Bougainville, serving as the overarching framework for economic growth in the region.
“We are developing an indigenous business policy to outline the MSMEs and cooperatives that Bougainvilleans can engage in, including which businesses can partner with outsiders through joint ventures and which are designated for larger enterprises. The draft SME policy will implement this initiative,” he added.
He reiterated the recent signing of the Land Access and Compensation Agreement (LACA) with landowners and BCL granted by government issuing the exploration licenses for Panguna mine.
“Empower Local participation through various policy and legislative instruments. My department will develop a Local Content Policy to enhance local participation, which will be supplemented by the governments Reserve List and Indigenous Policy.
“Rest assured, your government is strategically laying the foundation for policies that will promote the growth of SMEs and cooperatives in the region,” he added. ENDS///AK
Comments
Post a Comment