Papua New Guinea (PNG) government recognises the pivotal role of women in driving economic development and has taken significant steps to support and empower women in business in PNG. In recent years, there has been a notable increase in the active participation of women in entrepreneurial ventures, seeking financial independence, and contributing to empowerment agendas.
This article highlights the success of women in business in PNG, how the government assists them, and the importance of support from male counterparts, especially husbands and partners, in ensuring the success of their ventures.
The Importance of Women in Business
The inclusion of women in business brings numerous benefits to society and the economy. Women’s participation fosters diversity and creativity, leading to innovative solutions and enhanced competitiveness. By empowering women in business, economies can tap into a larger talent pool, driving growth and prosperity.
Moreover, women’s economic involvement positively impacts families and communities, contributing to poverty reduction. When women succeed in business, they become influential role models, inspiring future generations of female entrepreneurs and creating a more equitable society. In fact, women’s participation in business is a catalyst for sustainable and inclusive development.
Click here to get information on ‘How to Get a Business Degree Online’.
Government Assistance for Women in Business
To support and promote women entrepreneurs, the PNG government, together with PNG business houses, donor agencies and Non-Government Organisations have established several initiatives and institutions:
– National Development Bank (NDB): The NDB’s Women in Business Desk, established in 2010, provides targeted support and assistance to women entrepreneurs. The desk offers two types of loan packages, the Start-Up Loan Package and the Grower Loan Package, tailored to meet the specific needs of women-owned and managed businesses.
– Women’s Micro Bank: Established in 2010, the Women’s Micro Bank provides exclusive financial services to women entrepreneurs, including loans and savings accounts.
– Rural Economic Empowerment Program (REEP): Funded by the government, REEP aims to empower rural women entrepreneurs by providing business development training, access to finance, and mentorship.
– Small and Medium Enterprises Corporation (SMEC): SMEC offers support and assistance to small and medium-sized enterprises, including women-owned businesses, through training, mentoring, and access to finance.
– Papua New Guinea Women in Business (PNGWiB): This non-profit organisation provides support and networking opportunities to women entrepreneurs through training, mentorship, and advocacy services.
– Women’s Business Resource Centre (WBRC): Established in 2016, WBRC offers support and resources to women entrepreneurs, including training, mentorship, and access to finance.
Success of Women in Business in PNG
While women in PNG have historically faced marginalisation and restrictions, recent trends show an increasing number of women actively participating in business ventures.
The NDB’s Women in Business Desk has been instrumental in supporting women entrepreneurs, leading to an impressive 1000% growth in loans granted to women in the formal business sector within just 12 months of its establishment.
The Vital Role of Male Counterparts in Supporting Women in Business
The support of male counterparts, particularly husbands and partners, is essential to the success of women in their business ventures. By encouraging and supporting their wives’ entrepreneurial aspirations, men contribute to a more supportive and nurturing environment for women to thrive in business.
Male support can come in various forms, such as:
– Emotional encouragement: Providing emotional support and motivation during challenging times can boost a woman’s confidence and determination.
– Financial assistance: Assisting with initial capital or investment can significantly impact a woman’s ability to start or expand her business.
– Household responsibilities: Sharing household and caregiving responsibilities allows women more time and flexibility to focus on their business endeavours.
– Networking and mentorship: Introducing women to valuable networks and acting as mentors can provide them with valuable guidance and opportunities.
Conclusion (Women in Business in PNG)
The success of women in business in PNG is a critical aspect of driving economic development and promoting gender equality. The PNG government’s initiatives, particularly the NDB’s Women in Business Desk, have proven instrumental in supporting women entrepreneurs.
The support and encouragement provided by male counterparts, especially husbands and partners, play a vital role in ensuring women’s success in their business ventures.
By fostering a supportive ecosystem and providing equal opportunities, PNG can continue to empower women and pave the way for a more inclusive and prosperous society.
Read about Business Colleges in PNG.