Photo credit: Loop PNG - Clarence Hoot
In the fourth edition of the Investment Promotion Authority's opportunity newsletter, published in April, managing director Clarence Hoot stated that it is a comfort to see that international borders have reopened.
“As we start receiving international visitors into the country whether it be in tourism, business, or even fellow citizens returning home, IPA would like to warmly welcome them.”
He stated that IPA has worked to improve the regulatory environment in order to guarantee that the economy is favourable to corporate growth and foreign direct investment.
“In this regard, I am happy to announce that the Parliament had passed two Bills submitted by the IPA.
“The Bills include the Companies (Amendment) Act 2021 and the Business Groups (Amendment) Act 2021. The proposed Investment Promotion (Amendment) Act and the new Association Incorporation Bill are yet to be passed.
The Investment Promotion Act of 1992 regulates the operation of the Investment Promotion Authority and the review is aimed at achieving the Government’s policy objective of protecting local MSMEs,” he said.
The proposed modifications, according to Mr Hoot, attempt to find a compromise between allowing PNG to stay open to foreign investment while also improving mechanisms for evaluating the cottage business activities list, which is a reserved activities list.
As part of the proposed revisions, he added, a new list dubbed prohibited activities would be implemented.
Reference: Post-Courier (1 June 2022). “IPA Relieved To See International Borders Opening”.
