Maru clarifies ‘reserved list’

 THE government will not take back businesses from foreign investors that are operating businesses reserved for the nationals, Trade Commerce and Industry Minister Richard Maru clarified.

He said this following recent media reports that businesses in foreign hands that were covered by the reserved list would be taken back.

Maru said the Papua New Guinea Chamber of Commerce and Industry Inc was in regular dialogue with him.

In discussions over the weekend with PNGCCI president John Leahy, Maru said that the report was not accurate. 

He clarified to the PNGCCI that the government was proposing that the reserved activities list was to be expanded to cover businesses requiring capital of less than K10 million. However, this would only be in certain targeted areas such as kai bars. 

This would not apply to existing businesses, which were fully compliant with the laws. 

The transitional arrangements would be subject to further consultation, Maru said.