Tuesday, July 03, 2012

Grow non-mineral sector, PNG urged


THE key challenge associated with PNG’s economic outlook is to grow the non-mineral sectors of the PNG economy, according to Treasury acting assistant secretary – forecasting branch Nancy Lelang, The National reports.
 She said looking ahead over the horizon, prices of PNG’s major export commodities would continue to be volatile, with the world economy still suffering from the impact of the uncertainty in global growth and stability.
Lelang...PNG economy to grow strongly...

Because of this, it may take time for a global economic recovery to gain a foothold and stabilise conditions over the medium term.
Lelang said for the medium term (2013 to 2016), the PNG economy was expected to grow strongly.
She told the monthly economic and public sector programme seminar at the Holiday Inn last Friday that these non-mineralsectors included agriculture, forestry and fishing sectors;  electricity, gas and water sectors;  transport, storage and communication sectors; wholesale and retail sectors; construction sector; finance, real estate and business services  sectors;  and the community, social and personal services sectors.
Lelang said the growing of these sectors could be accomplished through policies such as:
  • Enhancing competition;
  • Developing more effective and efficient markets;
  • Reducing impediments to businesses and investments;
  • Supporting of microfinance;
  • Pursuing reforms to secured lending arrangements;
  • Continuing the National Land Development Programme;  and
  • Accomplishing the housing policy.
“The growing of the non-mineral sectors can also be accomplished through reviews of industries,” she said.
“Such industries that need to be reviewed regularly include Companies Act 1997, sugar prices, PMV and taxi fares, agriculture commodity pricing, as well as pricing reviews for services offered by state-owned enterprises such as electricity, water, postal and ports prices and for specific regulated products like petroleum by Independent Consumer and Competition Commission (ICCC).
“Equally important are the agriculture, forestry and fishing sectors which comprise a vast majority of our people.
“These can be supported with the government continually maintaining basic infrastructure like roads, bridges and ports, as well as, providing microfinance.
“The onus is also on the private sector and all stakeholders engaged in these no-mineral sectors to operate effectively and efficiently to grow these non-mineral sectors of the economy.
“The benefit of growing the non-mineral sectors of the PNG economy is ultimately to improve the quality of life of all Papua New Guineans, as well as to grow the PNG economy.”

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