Land rules laid down for foreign companies

Lands and Physical Planning Minister Justin Tkatchenko, pictured, has called on foreign-owned companies to acquire land only through the Investment Promotion Authority and his department.
He said the department wanted to make sure that all foreign entities had certification to ensure that any transaction done was “without fear or favour”.
Tkatchenko said there had been a concern that some foreign investors were not doing the right thing by law when acquiring state land.
“Over the last three months, we have been looking at all the land acquisitions throughout the country,” he said.
“The public and investors, especially foreigners, need to be advised that there are rules and regulations to follow when acquiring state land.”
There are requirements needed before a state lease or documentation can be given to a foreign company.
Tkatchenko said they were not stopping investment or foreign companies coming in to develop the land or work in partnership with the people.
He said all they wanted to do was to ensure that IPA requirements and compliance were fully covered to protect the people of this country and all certification were met to by PNG law.