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The ABG Department of Commerce, Trade, Industry and Economic Development signed a Memorandum of Understanding (MOU) with PNG Small Medium Enterprise Cooperation (SMEC) this week, signifying the strong commitment between the two governments to foster a vibrant SME sector in Bougainville.

Secretary for ABG Department of Commerce Alex Kerangpuna, thanked PNG SMEC for the partnership and reiterated that the Toroama/Nisira government fully acknowledged the vital roles that SME and cooperatives in Bougainville played in contributing to Bougainville’s economy.

“Today marks an important milestone of this MOU between my Department and PNG SMEC and this partnership underscores the importance of supporting the entrepreneurial spirit and resilience of people through enabling environment for SME development,” he said.

“For the Bougainville economic future, Toroama/Nisira government acknowledges the vital role the SMEs and cooperatives in Bougainville play in terms of contributing to economic independence preparedness for the region,” he said.

Mr Kerangpuna revealed that to support these vital roles they played; the government has invested K8million as a constituency grant for 33 constituencies to promote SMEs and cooperatives to participate in economic activities.

“We firmly believe that through training, market access, strengthening cooperatives, SMEs and financial security where SMEs and cooperatives thrive, entrepreneurs have the support they need to succeed,” he stressed.

He added that the signing of the MOU was a significant step towards realizing that vision for an independent economy, creating a legacy and resilience for all Bougainvilleans and he thanked PNG SMEC for making it possible through the partnership.

As Bougainville continues to prepare for its political aspirations, the ABG Department of Commerce, Trade and Economic Development have continued to work with their counterparts at the national level to transfer powers.

The signing of the MOU will ensure both parties continue to work together to eventually transfer SME powers to the ABG.

Speaking on behalf of PNG SMEC, Mrs Diana Guria, Director of SME Business Advisory and Capacity Division said that the MOU signified collective efforts of both governments to support the National Government’s vision 2050, Medium Term Development Plan and the Micro Small Medium Enterprises (MSME) Policy 2016 to 2030.

“The main focus in this partnership is to facilitate the entrepreneurial training and capacity development to the entrepreneurs and the business community,” she said.

Mrs Guria further added that the importance of this event was working in collaboration, sharing resources to create pathways, space and enabling environment for the growth of SMEs in Bougainville as well as to create more opportunities for economic independence and sustainability towards the future of Bougainville.

According to Mrs Guria, the MOU is in line with the MSME Policy 2016 to 2030 and will therefore be a game changer in navigating the development plan of SME in Bougainville.

“Also, in line with the MSME Policy, the collaboration of partnership establishment through MOAs and MOUs and in full recognition of the autonomy of economic sector agencies, SME Corporation will undertake to establish formal partnerships at the operational level of key projects such as the one signed today,” she said.

Key elements of the partnership include the joint collaboration on key SME development projects and activities, joint planning, implementation, coordination, resource mobilization, sharing of finances and human resources as well as sharing of information, skills and knowledge.

President of the Buka Business Association Jeffery Magum, also witnessed the signing and congratulated the two governments for fostering such a partnership to assist SMEs and cooperatives in Bougainville. Mr Magum reiterated that the agreement will go a long way to help the business community to thrive and also contribute meaningfully towards economic growth and independence.

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