Call for investors to comply with rules

Business

INVESTORS are part of the economy however, they have to comply the country’s regulations and maximise local content, Prime Minister James Marape says.
In a recent address to the media, Marape noted that the Government under his leadership was about growing the country’s economic base and not deviating from policies set by the former Government.
“We (Government) are not here to chase away investors. They are part of us,” he said.
“Their (investors) presence must comply with all our regulations, maximise local content, domestic gains in subsequent spin-off industries.”
On growing PNG’s economic base, Marape said key interventions would be introduced in the small and medium enterprise sector including flexible tax regimes.
“We will come with some tailor made inventions in the economic space,” he said.
Caretaker Treasurer Charles Abel, who took the cue from Marape, expressed confidence in some projects that would soon go on stream.
He said some reforms would be expected in the taxation system and the State-owned enterprises (SOEs).
“Some reforms in our SOEs, in particular the Kumul structure with significant amount of revenue going into that structure,” Abel said.
“I think we can better manage the flows.
“The Sovereign Wealth Fund (SWF) is an important element for our financial structure into the future.”