Maru plans to table bill on foreign businesses

 A BILL will be tabled in Parliament in May to control the operation of foreign-owned businesses which should be reserved for Papua New Guineans, Minister for Trade, Commerce and Industry Richard Maru says.

Maru said the new legislation would ensure that foreign businesses that wished to conduct business in PNG but did not have the initial K10 million to operate would be told to leave.

He was responding to a question from the regional member for Bougainville Joe Lera on whether the government had any plans to control and restrict reserved businesses for locals.

Lera said Bougainville had seen an influx of foreign business people entering the country who were taking over businesses reserved for locals such as trade stores, fast-food outlets and second-hand clothing.

Maru said consultations for the new SME policy and master plan had been completed. A list of the reserved business activities and proposed legislation will be submitted to Cabinet in the next two weeks.

“Following consultations with members of the public and parliament, our proposal would be that business which require an initial investment of K10 million or under must be restricted purely to Papua New Guineans,” Maru said.

Maru said foreigners involved in reserved businesses would be asked to leave the country. The Government will buy their businesses and give them to locals to run.