Investment bill still under scrutinity, says chamber

LAE Chamber of Commerce and Industry president John Byrne says the Foreign Investment Regulatory Bill is still under scrutiny and consultation within the business community.
He said relevant chambers such as the Port Moresby Chamber of Commerce and Industry, PNG Chamber of Commerce and Industry, Business Council PNG, Manufacturers Council and PNG-Australia Council would be agitated for a voice and involvement.
“We believe the Bill will be
re-tabled in the May parliamentary session and seek a bill which protects and improves the rights of citizens of PNG to own and operate businesses, while equally protecting the law-abiding, tax-paying business community of investors and owners who employ, educate and develop tens of thousands of PNG citizens,” Byrne said.
“Consultations are under way, and rest assured LCCI and our other bodies have the best interest of local and overseas business, Papua New Guinea citizens and the PNG economy moving forward.
“Our economy is poised on the edge of a boom, based on overseas investment and several key mining and agri businesses. We as a country must capitalise on this and develop our people simultaneously.”