Amendments to look into reserved businesses

INVESTMENT Promotion Authority (IPA) managing director Clarence Hoot says work is in progress to table the proposed changes to the IPA Act (1992) at the next Parliament sitting.
He told The National yesterday that Commerce and Industry Minister William Duma would have to sign the submission of the amendments to the IPA Act.
Responding to questions on the review of the reserved business activity list, Hoot said the amended IPA Act would include the reserved business activity list.
Speaking during a cheque presentation of K100 million for the small to medium enterprise (SME) loan facility to Bank South Pacific in Port Moresby yesterday, Duma said work was progressing on the reserved business list.
“We have people who are not necessarily from Papua New Guinea but who have been here, operating businesses, paying their taxes, employing people and doing the right things,” he said.
“So it’s not that easy,” Duma said.
“Particularly, during the Covid-19 where the country and the economy is going through a difficult time.
“You’ve got to be very sensitive with the timing for all these things.
“It’s a delicate balancing act that we have to do in such a way that we still retain the expertise and the capital.
“It’s not as if we just issue a list and expect everyone to end up selling their businesses and Papua New Guineans take over.
“We need to be very careful as this is not straight-forward.”
Duma said similar lists in the past were not successful but had changed and those issues were looked at.
“We need foreign investment, we need those who have been in the country for the last 20 years to be here so they continue to employ our people.
“So we need to do it properly taking into account foreign investors.”