B’ville open for investment

Business

EXTERNAL investors can now apply to do business in Bougainville under an amended inward investment Act, Autonomous Bougainville Government (ABG) Minister for Commerce, Trade and Industry Patrick Nisira.
Nisira made this announcement yesterday, saying Bougainville was “open for businesses”.
“We are looking to deliver on the Autonomous Bougainville Government’s ambition for a strong local economy which will be recognised both nationally and internationally as a good place for business investment,” he said.
“Bougainville now has its own Bougainville inward investment Act and board to assess foreign investment applications.
“Together, they support responsible investment and productive business partnerships with local companies and communities.
“All foreign investment applications into the region must come through this front door for assessment.”
In 2019, Bougainville held a referendum to decide its political future where the people voted overwhelmingly to gain indepedence.
Aligned to this political aspiration, the Bougainville government has plans underway to build its economy through economic-focused programmes such as the establishment of duty free and tax-free zones in selected sites and the development of financial hubs to attract investments.
“We will follow the footsteps of successful countries in the world to make Bougainville safe and secure for investment and for the people to have a harmonious lifestyle,” Nisira said.
“Bougainville will have a strong focus on maintaining peace and a law-abiding environment to provide investors and communities confidence. This includes a strong police force and military.”
Nisira outlined some of the potential sectors for investment in Bougainville including agriculture, fisheries, mining, tourism, construction and service industries.
He said also has the responsibility to empower indigenous people to participate in economic development in Bougainville through the Bougainville reserve business activities.

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