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Bougainville has the potential to become a strong local economy that is recognized nationally and internationally.
ABG Minister for Commerce, Trade and Industry Hon. Patrick Nisira said this when speaking on Trade and Investment in Bougainville during the parliament session this week in Buka.
Minister Nisira had recently announced that ‘Bougainville is Open for Business’ where he also explained the process involved for interested investors to follow when thinking of investing in Bougainville.
The Bougainville Inward Investment Board will be the authorized body to analyze all foreign investment applications into Bougainville.
“The Bougainville Inward Investment Board has been in operation since June and has had 2 meetings thus far, and has been processing more than 30 applications of interested investors.”
“This is the mechanism that the ABG and the Department of Commerce, Trade and Industry will administer to manage foreign and local businesses authorized to set up in Bougainville,” he explained.
Nisira assured the House that any companies or investors who do not meet the required standards under the ABG’s Inward Investment Act will be disqualified and ordered to leave Bougainville.
He said that all past practices of businesses being established but fail to progress, will not be repeated under his watch.
“This government and my office will not allow such things or repetition to happen again as we are putting stringent measures to ensure that the government support and funding is not abused,” he emphasized.
ABG President Hon. Ishmael Toroama gave his support for this saying that while Bougainville has enormous potential for economic growth, it needs credible investors to help develop its resources.
“I want to assure the people that my government will not politicize any investment on Bougainville but we will let the Bougainville Inward Investment Act of 2018 and the responsible agencies to govern and regulate all foreign investments in Bougainville,” Toroama said.
