Govt will tailor laws to attract investors: PM

Business

THE Government will continue to make law reforms to attract foreign investors, say Prime Minister James Marape, pictured.
Marape said this while speaking during the Asia-Pacific Business Forum (APBF) last week at the Apec Haus in Port Moresby.
“PNG is an exciting place to do business and for those who want to do business, our government will continue to tailor make innovative policies that will attract business,” Marape said.
Marape told the forum that one of the examples of the Government’s incentive plans could be seen through the announcement of Manus as a tax-free zone.
“I recently announced as one of our local business engagement for one of our provinces (Manus) as a tax-free zone,” he said.
“This is an example of a combination of incentives that we are trying to tailor to ensure that our country becomes conducive for business.”
Marape said the Government would also look at giving tax incentives to businesses who wanted to come and do business in the area of tourism, agriculture and fisheries.
“We have been giving incentives in the mining, oil and gas sector in the past and we want to give incentives especially in the area of tax concessions to those who want to come and do business in the tourism, agriculture and fisheries space.”
Marape said the legislative and judicial arms of Government were separate and any disagreements could be settled fairly following the nation’s laws.
“If any businesses come to do business with the state and the state fails to honour agreements, we can always got to courts,” he said.
“Our courts uphold legally-binding agreements.”
Marape assured the forum that the Government was looking at interventions to protect and develop Papua New Guinea society but at the same time ensuring a fair playing field for businesses.