Authority to host summit to discuss regulations, ways to improve

Business

THE Investment Promotion Authority (IPA) will host the inaugural PNG Business Regulators Summit from Sept 19 to 20 to discuss existing regulations and ways to improve them, says managing director Clarence Hoot.
Hoot made the announcement yesterday during an IPA media workshop in Port Moresby attended by media personnel and other stakeholders. He said the summit would be held at The Stanley Hotel in Port Moresby with about 200 participants from regulatory bodies, government, provincial administrations and key policy makers.
“We’ll invite all the regulators of businesses in PNG together and let them spell out the requirements under law, regulations and what policies they want to adopt,” Hoot said.
“The IRC (Internal Revenue Commission), Customs, ICCC (Independent Consumer Competition Commission) and other regulators will all be there but we will extend it to others to come as well.
“At the end of the day hopefully we will be able to work together and address key areas where we need improvement. The programme is structured in such a way that it will give you an overview of where PNG is in terms of the ease of doing business in the country.
“The latest World Bank Ease of Doing Business Report 2019 states that PNG has improved by one position from 109 to 108. The biggest improvement was between 2016 and 2017 were PNG improved by 26 places from 145 to 119 out of 190 countries.”
Hoot said the discussion would also focus on encouraging businesses to conduct their business in a transparent manner in an accountable environment that was conducive for them to prosper and expand.
“As a result, more people will be employed and skills will be transferred and at the same time they will be able to pay their due share in terms of compliance.”