The Minister for Commerce and Industry wants to see local businesses, including the Small and Medium Enterprises (SME) expend and to meaningfully participate in trade and investment, but for that to happen, a technological and financial strength support platform is needed.
Minister Henry Amuli said this when addressing international audiences recently at the launching of the
Industries Integrated International Trade Flow System in Abu Dhabi in the United Arab Emirates (UEA).
He said that the platform does not only provide the opportunity for corporate businesses to grow but it also has the potential to facilitate the growth and expansion of the SMEs.
“As one of the founding members of the platform, it is my hope and expectation that it will bring forth innovative, inclusive and sustainable mechanisms that will empower Papua New Guinean SMEs to participate meaningfully and productively in the global market,” Minister Amuli said.
The platform is an initiative of the Dubai based Investment Company, International Business Management Council (IBMC). He said SMEs in Papua New Guinea (PNG) lack the appropriate requirements to meaningfully integrate into the international economy.
These include market access, quality assurance, mobility infrastructure and finance.
“It is my hope and expectation that the Industries Integrated International Trade Flow System would provide solutions to these challenges,” he said.
The three main objectives of the platform are to provide support to participants in the areas of market access, compliance with best international practices, finance and quality assurance.
Minister Amuli said while quality control, compliance to international standards, best practices, and finance and quality assurance would be addressed by the platform, the challenge for the Ministry of Commerce and Industry and PNG is mobility infrastructure like efficient transport means, competitive import and export facilities and processes, including taxation and customs.