Ishmael Toroama, the President of Bougainville, argued that important industry markets are lacking in rewards.
As a result, he wanted to amend the legislation to make industries like mining, fishing, irrigation, manufacturing, and tourism more attractive to investors.
According to Toroama, rewriting the Inward Investment Act would greatly boost Bougainville's economic growth prospects.
He claimed that the present rule, which he describes as a "cut and paste" from Papua New Guinea, needs to be adapted to Bougainville's goals.
The president said that they are looking at styles from around the world that can be used in Bougainville.
The Bougainville government is looking to help grow what it refers to as the 'low hanging fruit' as part of its efforts to develop an economy.
In addition to cocoa and vanilla, the government identified alluvial gold mining, water bottling, and biodiesel as key areas for production.
According to Toroama, some of these companies employ Bougainvilleans, and the government could assist in their development through joint ventures or state-owned enterprises.
Toroama has launched many high-impact economic development projects on Bougainville since taking power in September last year, including the Bana Special Economic Zone, Tonolei Integrated Agriculture Project, and Manetai Limestone Project.
However, it is estimated that these projects will need substantial construction before being operational.
