ABG purchases shares in firm

THE Autonomous Bougainville Government has bought 500,000 shares as K1 each in the Bougainville Import and Export General Corporation Limited.
ABG Minister for Economic Development, Fidelis Semoso said the autonomous arrangement on Bougainville could only function effectively with an economic revenue stream to sustain it.
“Despite the current economic turmoil, the Autonomous Bougainville Government continues to strive to create tangible economic development on Bougainville,” Semoso said.
“The purchase of the shares signifies the ABG’s commitment to give meaning to economic recovery on Bougainville.”
The company is a joint venture between the ABG and a Chinese corporation involved in agriculture and manufacturing projects on Bougainville.
ABG President Dr John Momis encouraged the people to get away from the “syndrome of dependency”.
More than one million shares in the company had been purchased by Bougainvilleans prior to the ABG’s purchase.
Semoso said the purchase of the shares did not mean that the ABG was ignoring local businesses. “The ABG is committed to helping indigenous businesses as shown through our initiative to let locals borrow from the National Development Bank for start-up or support capital for their businesses,” Semoso said.
The ABG had allocated K2 million to the bank which locals can get loans from to support their businesses.