PM MARAPE-PANGU PARTY ENCOURAGE PNG CITIZENS TO TAKE PART IN LOCAL BUSINESSES

The Pangu Party under Prime Minister, Hon James Marape, MP has always promoted economic independence for Papua New Guinea. 

Taking back PNG will not be complete without PNG citizens participating in businesses, PM Marape said.

Our  people  must  do  businesses  in  agriculture,  tourism,  forestry,  fisheries,  mining, petroleum, manufacturing, restaurants, transportation, technology, medicine, education, legal, accounting, constructions and any businesses a modern economy needs.

That is why in the supplementary budget, K100 million was allocated and in 2020 budget K200 million is allocated. We will divide that money for men and women businesses and of that 10 per cent will be reserved for Bougainville businesses to help rebuild businesses in Bougainville. 

This funding is not free but will be channelled through commercial banks including our own NDB as credit facility and we’re discussing with banks to drop interest rates for this program to under 6 per cent and for over 20 years repayment period.

Both BSP and NDB have branches all over the country so we might partner with them.

This is our direct intervention to resuscitate and diversify our economy away from just depending on boom and burst of petroleum and mining sector of our economy, PM Marape said.

To make this work, the  Treasurer,  Hon  Ian  Ling Stucky, MP  has done  something no government has done before. Dropping by over half the tax on small to medium enterprises, those who earn below K250, 000 turnovers will pay next to nothing tax in a simplified reformed tax regime.

PM Marape encourage Papua  New Guineans to not sit back and be lazy and expect handouts or look for jobs but engage in businesses and create jobs. First priority would be given to those who are already in business to help them clean up their accounts and grow to the next level. 

All our districts and provinces will be SME collation; registration and supervision points and not in Port Moresby. All parents who  complain of school  fees must go back to small businesses and don’t be lazy, he said.