The Investment Promotion Act 1997 allows foreign Investors willing to explore business opportunities in Papua New Guinea (PNG). There are numerous incentives to assist in their investment decision-making.
Minister for Trade and Industry, Richard Maru, however, revealed today during the consultative workshop on reserved PNG business that IPA’s role of screening foreign investors who intend to come to PNG to do business had been very poor.
“IPA’s role is to screen foreign business who wants to come and do business in PNG. But they have done that very poorly.
“As a result we see 90 percent of the business opportunities taken over by the foreigners. Only 10 percent is left for our people. We have been made spectators in our own land.
“That has to change and we must make a start somewhere and this workshop provides the opportunity for us to achieve that goal,” Minister Maru said.
The consultative workshop held today paves the way to further discussions and to making recommendations that will be presented to Minister Maru to be tabled in parliament.
If successful, legislation on reserve business in PNG will be enacted to reserve business opportunities for PNG small to medium entrepreneurs which many say are currently being taken up by foreign entities.