Polye: More support for agriculture

Source: 

The National - Tuesday 04th, October, 2011

By BOSORINA ROBBY
FINANCE and Treasury Minister Don Polye said there was a need for more major business investments in PNG and in particular, agriculture.
He said last week in Port Moresby that there was also a need for more partnership between PNG companies and foreign investors, which should encourage outcomes that were socially inclusive and where Papua New Guineans could participate.
“For instance, agriculture is important for the people of PNG and I am keen to see that a major import substitute programme is launched where people can enjoy homegrown food stuff like kaukau, taro and other vegetables.
“I am keen to encourage large-scale rice farming, local food crop farming and the development of other industries development,” he said.
Polye said the government, while supporting large scale farming, would ensure that small-scale farming was protected and promoted in co-existence with larger ones.
He said this meant that a lot more were needed to be done to create support schemes like business investment – guarantee schemes to boost local businesses.
Polye stressed that it was the duty of the government to create such leverage.
He said he had directed Treasury to develop a policy on this very important business incentive as soon as possible.
“A flourishing economy with strong growth is great; but it helps a little if it is shared by the people.
“Thus, the establishment of a sovereign wealth fund would allow an assured and steady stream of funds to support people,” he added.
Polye said when people were appropriately equipped and empowered, it became easy for them to push the growth of industries like agriculture, manufacturing, down-stream processing, tourism, and micro, small and medium- scale enterprises (SME).
“The SMEs are the backbone of our economy and need significant support from government.
“For instance, by building a food storage facility in Port Moresby and Lae markets, the growth of SMEs is promoted, which would  in turn provide opportunities for women in business,” Polye said.