23 Nov 2012

Plans for indigenous Papua New Guineans to control small retail businesses

2:47 pm on 23 November 2012

Papua New Guinea's Commerce and Industry Minister, Richard Maru, says Papua New Guineans must take control of their economy.

He has told parliament the government will enact in legislation to ensure small to medium businesses are reserved for indigenous people.

Mr Maru also says a new Papua New Guinea Banking Corporation will start operating by early next year to cater for small business people.

Mr Maru says 90 percent of all businesses in the formal sector are owned by outsiders with Papua New Guinea left to pick up the crumbs.

The Post Courier reports the minister saying under the legislation, all shops, fast-food and other outlets will be run by Papua New Guineans only.

He says they also want to ensure that a Papua New Guinean owns at least 50 percent of any joint venture company.

And Mr Maru says the National Development Bank from next year will have more money available at lower rates for ordinary Papua New Guineans.