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MSME deemed PNG's economy engine

11/09/2018

Director General for APEC Coordination Authority (ACA), Sir Charles Lepani during an APEC Lecture Series at the Institute of Business Studies University (IBSU) in Port Moresby recently stressed on the importance of Micro, Small and Medium Enterprises (MSMEs) as the country’s economic engine.

Director General for APEC Coordination Authority (ACA), Sir Charles Lepani (left) presenting a certificate to a student during an APEC Lecture Series at the Institute of Business Studies University (IBSU) in Port Moresby.

Director General for APEC Coordination Authority (ACA), Sir Charles Lepani during an APEC Lecture Series at the Institute of Business Studies University (IBSU) in Port Moresby recently stressed on the importance of Micro, Small and Medium Enterprises (MSMEs) as the country’s economic engine.

Sir Charles whose lecture focused on general awareness on APEC and Papua New Guinea’s capacity and preparations for the delivery of APEC 2018 said APEC was about enabling businesses to operate and MSMEs were engines of economic growth and innovation across the APEC Region.

“MSMEs broaden tax bases, create employment and encourage sustainable trade,” he said. “The focus on MSMEs this APEC year will contribute to ensuring long-term benefits to the PNG economy.”

Sir Charles said each APEC meeting has been and will continue to showcase a variety of Papua New Guinean MSMEs from across the country.

“Many delegates have not seen PNG products before, so the APEC meetings have really given us a wonderful opportunity to showcase our products to the world,” he said.

Sir Charles said MSMEs who have been presenting their businesses to the international delegates say that it has also been a new experience.

“They are able to sell approximately 90 per cent of what they bring for sale every day to international and local delegates as well as local visitors to the hotels and APEC meeting venues,” he said.

The criteria for MSMEs to exhibit at APEC meetings include; being registered with the Investment Promotion Authority (IPA), the Internal Revenue Commission (IRC) and have a business profile; with a focus on inclusion of gender and disability.

The ACA has embarked on a number of awareness programs at schools in the city including the “APEC Lecture Series” by Sir Charles held at universities and colleges.