Department of Commerce & Industry
The Department is the lead agency responsible for policy formulation, provides support and coordination for SME growth, monitors major impact projects and facilitates for domestic and international trade investment. In short, the Department is responsible for developing policies to create conducive environment for:
1. Investment in PNG.
2. Industrial development in PNG.
3. Buying and selling domestically and abroad.
What Defines Us?
To lead the promotion of sustainable economic growth through investment in our renewable resources and preserve the nation’s international trade competitiveness.
To create conducive economic environment through Public-Private-Partnership (PPP) to enhance value-adding of our natural resources and services by formulating policy interventions to grow the national economy towards the attainment of Vision 2050.
We aspire to:
1. Fully transform Papua New Guinea from being an exporter of raw materials into a major exporter of value added manufacturing goods and services in the Pacific Region and Globally;
2. Increase the number of SMEs and create more job opportunities;
3. Support PNG’s international and domestic trade by providing appropriate information of trade standards, coordinated and unified strategies for stakeholders locally and internationally;
4. Improve sustainable growth in the manufacturing sector.
The Department of Commerce and Industry draws its mandate from the various Acts of Parliament, NEC Decisions and Ministerial Determinations and Directions. As the lead policy making agency of the Ministry for Commerce and Industry, it is ably supported by the Commercial Statutory Authorities (CSA) in the implementation of commerce and industry developments in the country.
The CSAs involved includes:
- Industrial Centres Development Corporation (ICDC)
- Investment Promotion Authority (IPA)
- Small Medium Enterprise Corporation (SMEC)
- National Institute of Standards and Industrial Technology (NISIT)
The principal function of the Co-operative Societies Unit is:
1. To Effect the facilitation process and provide support services for the development of the Co-operative Societies movement in PNG, particularly the primary co-operatives to harness real development amongst the rural people.
2. Also to become the main driver for implementing and growing the MSME sector through cooperatives in PNG.
Foreign Direct Investments (FID) & Local Content
SME Entterprise Development unit within the Commerce Division of the Department deals with the development of PNG National Content Policy for the extractive sector to encourage national participation in economic impact projects with direct linkages to domestic supply-chains, goods and services, labor, and equity. More emphasis on landowner umbrella subsidiary companies and SMEs for business spin-off and contracts. Core Activities: Drafting the National Content Policy, supporting Government SME Agricultural Fund, the MSME Policy, Reserved Activity List (RAL).
Department & GovernmentNewsUpdates
Words & Video By Malum Nalu, Prime Minister's Media Unit.
Prime Minister Hon. James Marape on Friday, May 12, 2023, launched the landmark National Gold Bullion Policy 2023. It complements the Marape Government’s vision to fully industrialise the economy.
PM Marape launched the comprehensive policy in front of a fullhouse crowd in Port Moresby. PM Marape was accompanied by Acting Minister for Commerce and Industry, Hon. Soroi Eoe, whose department was responsible for drawing up the policy.
Here is PM Marape's address on video:
PM's Media: September 08, 2022
Prime Minister Hon. James Marape has welcomed foreign investors into Papua New Guinea, as he launched the K130 million Paga Hill Paradise project in Port Moresby today (September 8 2022).
He said the 22-storey luxury apartments project, besides Fairfax Harbour, was at the heart of the Special Economic Zone (SEZ) earmarked by Government in the National Capital District and would be completed over two years.
Present with PM Marape were NCD Governor Hon. Powes Parkop; Moresby North-East MP Hon. John Kaupa; Sarawak (Malaysia) Minister for Tourism Creative Industry and Performing Arts His Excellency Dato Sri Haji Abdul Karim Rahman Hamzah; Malaysian Ambassador His Excellency Mohamad Nasri Abdul Rahman; Chinese Embassy representative Jiliang Chen; developers of Paga Hill Paradise and members of the private sector.
PM Marape thanked the investors for having faith in Port Moresby and PNG by investing K130 million.
PM's speech in the video below:
Prime Minister's Media Unit: March 6, 2023
Prime Minister Hon. James Marape launched the Papua LNG Front End Engineering Design (FEED) Phase on Monday, March 6, 2023, at APEC Haus in Port Moresby. It was a momentous occasion which will be long remembered in the history of Papua New Guinea.
All that remains now is Final Investment Decision (FID) before construction starts on this US$10 billion (K35 billion) project.
Here is PM Marape's address: