IPA submits new ‘reserve list’


THE Investment Promotion Authority has submitted a new list of businesses to be reserved for locals for Cabinet approval, says managing director Clarence Hoot.
He said the revised list was now with the State Solicitor who would forward it to Cabinet.
Prime Minister James Marape is expected to reveal the list during Independence Day celebrations next Thursday.
“We have done a quick revision of the reserve activities list,” Hoot said.
“We have added a few (more).
“That list will be announced by the Prime Minister (James Marape) on Sept 16 as part of his Independence Day speech.”
The amended list is expected to be tabled in Parliament in its November sitting.
Deputy Prime Minister and Commerce and Industry Minister Sam Basil revealed in Parliament recently of plans to buy small-to-medium businesses (SMEs) owned by foreigners to be given to Papua New Guineans.
It includes trade stores owned by foreigners located in settlements and villages.
“We have allowed foreigners to come in, set up these trade stores and create their empires here,” he said.
“People feel that the Government is letting them down.”
Basil said they did not want to rush the plan.
“If the Government makes the decision for foreigners to return the trade stores, we will have to work on a time frame, maybe 24 months, as locals will not be ready to buy them if the foreigners sold them,” he said.
“We have to plan how much SME money will be budgeted in the 2022 budget to buy off these foreign-owned businesses.”
Basil said the Government) had to buy them then give them to locals.