Govt Urged to Review Business Act
By : POST COURIER
There is an overwhelming need for the government to review the business act dealing with reserved businesses.
About 400 people involved in both the Bank South Pacific’s small medium enterprise (SME) had unanimously called on the government to protect the reserve businesses for the nationals.
The entrepreneurs had called on Trade and Industry Minister, Wera Mori to take it up with the cabinet in light of what they dubbed as “unfair competition from Asians, who ventured into reserved businesses like mini retail outlets, bakery, restaurants and bottle shops.”
The local entrepreneurs were lured to Goroka’s Pacific Gardens hotel for a four-hour SME roadshow by the BSP yesterday. During the session BSP’s head of SME (retail) Stanerd Wai, presented the SME market overview touching areas on how aspiring entrepreneurs would qualify for loans and what they must do to repay the loan with interest within the given time frame.
“In business activities you must be prepared to take risks, be disciplined and be an industrious person. Pay yourself wages and meet other obligations from the net profit and don’t squander money,” Wai told the participants.
“Some of the net profits can be reinvested into the business. Always maintain an amicable relationship with the bank.”
BSP Goroka branch manager Livi Koki urged the participants to be creative, using their God-given natural talents and be disciplined if one wants to prosper in whatever businesses they venture. Bank officer Lucy Venove talked about SME package while Noko Uvovo explains SME loans. Goroka town manager Harold Abori emphasised the importance of acquiring a trading licence from the municipal authority before engaging in a business activity in the Eastern Highlands capital.
Three successful entrepreneurs were given an opportunity to testify how they are now after securing SME loans from BSP. They are former journalist John Ewande (Highlands Press Publications), Pastor Livai Wapia (guesthouse) and Chris Karmel from the Highlands Technical Service.
BSP’s highlands regional manager Reuben Ekizah was also present at the roadshow.