DEPUTY Prime Minister Don Polye believes the 2011 budget provides the essential tools for the people to become active participants not just in the local economy, but also the regional and global economy, The National reports.
He said PNG was fast becoming an integrated economy, in line with international obligations and commitments.
Polye said PNG was part of regional Asia-Pacific economy that was growing faster than other global economies, and was part of the Apec economy that must achieve the
“Whether we like it or not, a vigorous wave of change is sweeping across the regional economy and our survival depends on our self-empowerment and enlightment, our preparedness to change to capitalise on the dynamics of progress,” he said.
He said the 2011 budget identified targets and provided the resources to achieve these goals.
He said the huge funding appropriated to education, for tertiary as well as trade and TVET education, funding of agriculture credit support and support for micro- and medium-scale enterprises were examples of the government’s commitment to achieving these goals.
He said it was right for the budget to target the medium-income class, and provide the resource for industry development and SMEs.
He said it was important to develop entrepreneurial skills and create avenues for exposure to international trade and investments.
He praised the K50 million allocation to develop economic corridors in least developed areas, and reforming of the tariff regime to attract more investment and open up trade with reciprocating economies.
Polye said the prime minister’s championing of the fight to reduce emissions of the green house gasses on the global stage provided PNG the opportunity to tap into energy project less dependent on fossil fuel.
In this regard, the government is exploring potential for thermal power projects in various locations in the country, and the