Investors told not to use ‘back-door deal’


INVESTORS should not come into the country through ‘back-door deals’, New Britain Palm Oil country manager Robert Nilkare says.
He made the statement on Wednesday following the launching of the Oxford Business Group PNG 2016 report in Port Moresby.
“Come through the front door. Come and see the Investment Promotion Authority,” Nilkare said.
“Message to the investors coming in: Don’t come in the back door as it causes half the problem with the Land Act because it was a big threat to the New Britain Palm Oil, 143,000 hectares of State leases.
“There was just a lot of dubious deals going on and people or investors who want to come in, come through the front door and do the right thing, pay your taxes and all that.
“PNG is a place full of resources, whether it be in the oil, gas, mining or agriculture.
“You make money, we make money and everyone’s succeeds.”
Asian Development Bank country director Marcelo Minc said: “The country has a lot of potential and lots of resources, but there are other sectors that can be developed. Government is open and they are taking the right steps to develop growth.”
IPA acting managing director Clarence Hoot’s message to potential overseas investors is: “Come have a look.
“There is plenty and enough for everyone. Come and talk to IPA.”

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