SOE Reform Key to Boosting PNG Private Sector - ADB

State-Owned Enterprise Reform Key to Boosting PNG Private Sector - ADB

MADANG, PAPUA NEW GUINEA – Simple reforms to state-owned enterprises (SOEs) in Papua New Guinea (PNG) could lower the cost of doing business and create new opportunities for the country’s private sector, the Asian Development Bank (ADB) told a major business summit taking place today.

Speaking at “SME Summit 2013,” a national event to review Government plans to stimulate and reform the Small to Medium Enterprise (SME) sector, ADB Advisor Chris Russell presented key findings from the ADB’s Finding Balancereport, which show the high cost of doing business is constraining economic growth in the country.

“High costs are holding back all businesses, both large and small,” Mr. Russell told the summit. “And one of the drivers of this is the relative inefficiency of PNG’s state-owned enterprises.”

ADB continues to work with the Government to improve the performance of the country’s SOEs through the Pacific Private Sector Development Initiative, co-financed by AusAID, ADB and, as of June 2013, the New Zealand Aid Programme.

ENDS

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