The countdown is on for The 2024 Regulators Summit from 30th to 31st July at Stanley Hotel in Port Moresby, Papua New Guinea, with the theme, “Interoperability: Connect and Co-create.”
The Investment Promotion Authority of PNG and the Department of Information, Communication and Technology informed business houses, key stakeholders, regulatory agencies, government departments, development partners, foreign missions, legal and accounting firms, private sector networks, and peak bodies on the hosting of the Summit.
In a press briefing at the IPA headquarters, the two agencies said they value inputs from private sector and industry bodies at this significant event through feedback and critiques on how regulations are affecting the country’s business environment.
The outcomes and appropriate recommendations from the Summit will be presented to the Government and relevant agencies.
The Summit will center on enhancing cooperation among regulatory agencies and improving the regulatory environment for businesses.
IPA Managing Director Mr. Clarence M. Hoot explained: “We will be concentrating on how agencies can work together more effectively to streamline regulatory processes and support business growth.”
Mr. Hoot expressed IPA’s enthusiasm for hosting the summit, stating: “We are excited to invite both local and international stakeholders to this year’s Regulator Summit.”
“Our aim is to create a platform where regulators and the private sector can come together to discuss regulatory frameworks and their impact on business operations.”
The 2024 Summit will follow the success of the first Regulator Summit held in 2019.
Reflecting on the inaugural event, Mr. Hoot noted: “In 2019, we were encouraged by the strong interest from government regulators and private sector representatives. The summit demonstrated the need for ongoing dialogue between these two crucial groups.”
The event will feature a diverse range of international speakers, including representatives from the World Bank, the International Finance Corporation (IFC), and Professor Chan from the University of New South Wales.
International experts, development partners, key regulatory agencies, and the academia will also speak at the Summit. These experts will share global best practices and discuss how other economies handle regulatory challenges.
“We are bringing in experts from around the world to provide insights on successful regulatory practices and to help us benchmark against international standards,” said Mr. Hoot.
The summit will include sessions with local regulatory agencies and private sector practitioners.
Mr. Hoot emphasized: “We will facilitate discussions where businesses can raise concerns and offer practical criticisms aimed at improving the regulatory framework.”
“This is not just about talking but also about finding actionable solutions,” he added.
“Our goal is to move beyond mere discussions and to produce a set of recommendations that can be presented to the National Executive Council for further action.”
“We are pleased to partner with DICT on this initiative, as their expertise in information technology is crucial for achieving our goal of regulatory interoperability.”
Mr. Kamis Yalakun, Manager of the Investment Promotion Unit, also stated the importance of having international expert speakers presenting on the best models that other world economies are using to automate their system compared to PNG.
According to a country diagnosis study in 2013 on doing business and trading across borders, most of the PNG government system regulations are not streamlined, leading to the state losing millions in revenue.
The IPA also plans to manage attendance through a registration process to ensure the participation of the most relevant stakeholders.
“While the event is open to all interested parties, we will be controlling registrations to maintain a focused, productive environment,” explained Mr. Yalakun.
Government agencies and regulators attending the summit include PNG Customs, Internal Revenue Commission (IRC), NAQIA, PNG Ports, National Capital District Commission (NCDC), BPNG and other regulatory agencies.
Mr. Hoot said: “As we go through these challenging economic times, it is vital that we harness these opportunities for dialogue and cooperation. The outcomes of this summit will have far-reaching benefits for both the government and the business community.”
Participation in this event is strictly by registration and confirmation from IPA. Registration details are available through the IPA’s website, and inquiries can be directed to the designated contacts for the summit.
For more information, please visit the Investment Promotion Authority’s official website or contact the event coordinators listed below:
- Mr Kamis Yalakun, Email: kyalakun@ipa.gov.pg
- Ms Dorothy Mokoko, Email: dmokoko@ipa.gov.pg
- Ms Beverly Piawu, Email: beverlyp@ipa.gov.pg
