Authority wants Act to fulfil its role, responsibility

Business

THE Investment Promotion Authority (IPA) is determined to ensure that the Investment Promotion Act is reviewed to fulfil its mandated roles and responsibilities to ensure the promotion and facilitation of investments both foreign and domestic.
It said the review process began in 2019 in line with the Government’s agenda to promote the growth of micro, small and medium enterprises (MSMEs) to become the backbone of the economy.
It added that the proposed amendments to the Investment Promotion Act would allow the country to remain open to foreign investment.
At the same time, improve processes for reviewing the Cottage business activities list (CBAL) which is the reserved activities list (RAL) and also introduce a restricted activities lList.
“These activities will be identified under the new proposed amendments to the Investment Promotion Act and its accompanying regulations,” it said.
“The amendments also incorporate improved review mechanisms to determine activities included under these lists.
“The IPA is the first point of contact for foreign investors in PNG.
“In order to improve IPA’s ability to manage the foreign certification system, governance improvements are being incorporated into the amendments.”
IPA noted that the amendments would also introduce a number of provisions which would enable better compliance and monitoring of both individual certificate holders and the foreign investment.