Papua New Guinea Local Women Entrepreneurs. PNG is a resource-rich nation but has failed to develop to its full potential, as well as produce the entrepreneurial class which is usually a necessary prerequisite for economic growth. The Papua New Guinea Government has recently launched a campaign to help its citizens replace the Asian migrants who have in recent years taken over most of the country’s small businesses. Papua New Guineans have suffered from a lack of empowerment and encouragement from successive governments. Following a small business summit in Kokopo near Rabaul last year, attended by 800 people, the PNG national government has now committed $56 million to the campaign. This will include the resurrection of the Stretpasin Stoa (fair-deal store) scheme that succeeded, in the early years following PNG’s independence, in fostering a rapid rise in Papua New Guineans gaining experience in the private sector by running retail businesses.
Papua New Guinea Small Business Opportunities
Papua New Guinea Small Business Online Directory and Company Index. People in Papua New Guinea and around the world are daily searching the internet to find trusted and reliable business contacts. One way Papua New Guinean SME and local small businesses can get found is by listing in the best free online company directories. Adding your Papua New Guinea local business listing to these online directories is easy. But if you only list in a few of them, you’re really losing out a huge opportunity to get found online. A listing in the Papua New Guinea Asia Online Small Business Directory is therefore very much recommended. Please visit our business directory today and start getting your local business listed for free.
Papua New Guinea Financing for Small and Medium Firms
Credit for Small Entrepreneurs. Often deemed too risky to lend to, small businesses in Papua New Guinea face difficulty obtaining bank loans. Only a quarter of small businesses in the IDA country have access to financial services. To increase the opportunity for these entrepreneurs, IFC, the World Bank, and the government of Papua New Guinea have teamed up to support up to $61 million in new financing for small and medium firms.
The joint initiative will guarantee 50 percent of the loans that banks extend to small and medium businesses, encouraging banks to lend more to the sector and to develop new financial products to meet its needs.
Video: IFC, in partnership with telecommunications company Digicel, helped deliver training to 120 small businesses involved in selling the company’s mobile phone products, creating an opportunity for the participants to improve their business skills and income.
Papua New Guinea Small Business – Country Information
Papua New Guinea, in the southwestern Pacific, encompasses the eastern half of New Guinea and its offshore islands. A country of immense cultural and biological diversity, it’s known for its beaches and coral reefs. Inland are active volcanoes, granite Mt. Wilhelm, dense rainforest, and hiking routes like the Kokoda Trail. There are also traditional tribal villages, many with their own languages.
- Full Name: Independent State of Papua New Guinea
- Form of Government: Unitary parliamentary constitutional monarchy
- Population: 8,947 million
- Capital: Port Moresby
- Largest Cities: Port Moresby (283,733), Lae (76,255), Arawa (40,266), Mt Hagen (33,623)
- Major Religion: 95.5% Christianity
- Area: 462,840 km2 (178,700 sq mi)
- Major Languages: English, Hiri Motu, PNG Sign Language, Tok Pisin and 851 living languages
- Life Expectancy: 64 years
- Monetary Unit: Papua New Guinean kina (PGK)
- Main Exports: Gold, Copper, Palm oil and Coffee
- GDP: Per Capita PPP: US$ 2,504
- Internet Domain: .pg
- International Dialing Code: +675