About
SME Corporation's Mandate
MSMEs play a critical role in the social and economic development of any economy. SME development in Papua New Guinea (PNG) has been without proper planning and support in the last 46 years. SME Corporation is mandated by Parliament through the SME Corporation Act 2014 to develop key interventions for targeted, systemic, holistic and sustainable SME development in PNG. SME Corporation ensures that key programs and projects are designed to formalize the informal sector to develop a thriving, competitive and sustainable private sector. The Small and Medium Enterprises Corporation was formerly known as the Small Business Development Corporation (SBDC) until is transitioned to Small and Medium Enterprise Corporation (SME Corporation) in 2014.
Unlike SBDC, the SME Corporation has broader Functional Responsibilities to drive the sector through implementation of the SME Policy 2016 and SME Master Plan 2016-2030.
Key Legislation and Policy Reforms
With changing development priorities and economic conditions, SME Corporation in response to the Marape government’s vision and priorities on developing the MSME and Agriculture sectors undertook key legislative and policy reforms in the last two years.
Key legislative and policy reforms were review of the SME Policy 2016, SME Master Plan 2016-2030, SME Corporation Act 2014. The results of this review were the development of the MSME Policy 2022, MSME Medium Term Development Plan 2022-2026, MSME Development Authority Bill 2022.
Key Impact projects and programs planned and implemented from 2019-2025 include:
- MSME Training and Capacity Building
- Development of MSME Incubation Centers
- Development of MEME Database and Baseline Survey and
- Establishing of SME Development Fund
The Corporation has undergone an organizational restructure and completed reviewing the SME Policy 2016 and SME Master Plan 2016-2030. The SME Corporation Act 2014 was concurrently reviewed to create the MSME Development Authority Act 2021.
What We Do
SME Corporation is an implementing agency under the Ministry of Commerce and Industry.
We help train MSMEs to identify their strengths, formulate a smart business idea, start their business, manage and grow their business.
WE CAN HELP YOU WITH
