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SME DEFINED
In Papua New Guinea, small and medium enterprises (SMEs) are defined as businesses that are smaller in size and have fewer employees compared to larger corporations. SMEs are an important part of the economy in Papua New Guinea, as they often make up a significant portion of businesses in the country and are involved in a wide range of sectors.
In Papua New Guinea, SMEs are typically classified as follows:
- Small enterprises: businesses with fewer than 20 employees
- Medium enterprises: businesses with 20-99 employees
SMEs in Papua New Guinea may be involved in a variety of sectors, including agriculture, forestry, fishing, retail trade, and construction, among others. They may also provide professional services such as accounting, legal services, and consulting. SMEs are often considered to be a key driver of economic growth and development, as they can create jobs and contribute to the local economy.
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