Mori calls for bill on regulatory framework to be introduced

By HELEN TARAWA
Commerce and Industry Minister Wera Mori says the bill on the regulatory framework for foreign investments must be introduced to protect indigenous entrepreneurs.
Mori told The National Papua New Guineans were concerned that many business activities they could do were being taken over by foreign business entities.
“We are not scaring foreign investors,” he said.
“It is a matter of realignment to some extent as to how we promote and thrive business activities in this country.
“Papua New Guineans are screaming out that many activities are now being taken over by foreign business entities.
“As a responsible Government, we must be of relevance to our people in every situation and in every circumstance.
“I do recognise the welfare and thriving of already existing enterprises, especially those foreign investors who are already in this country and have invested a lot of capital.”
Mori said their rights were also protected by the laws of this country.
“We intend to give some breathing space to local entrepreneurs who are trying their best to thrive, whilst at the same time being out maneuvered by foreigners,” he said.
“We need to also create an environment that would be conducive for our people.
“This must be seen as some form of inducement to our own small PNG entrepreneurs, especially micro to small -medium enterprises.
“This will also create clusters of business activities, especially for SMEs, who will not only trade amongst each other but be also part of a bigger supply chain that would be export orientated.”
Mori will establish dialogue with the business community so they can understand the position of Government.He said the bill was mooted in the previous term of Parliament and there could have been some form of consultation.
“We have to make sure that we have the dialogue so that established business must understand the position of the Government,” he said.
“The bill will be introduced but if we do need to do consultation, we will.
“The timing of the bill is not an issue.
“The significance is that it must be introduced to protect the people.
“The law is there for everyone.
“We are not targeting any single person.
“You just have to conform to the laws of this country.”
Mori will present the bill for an act to provide for regulatory framework for foreign investments in the interest of national, social and economic development.
It will establish a body known as the Foreign Investment Regulatory Authority to define its powers and functions.
Mori will also present another bill for an act to provide for registration of a franchise, establish office of the registrar to regulate and monitor operation of the franchise and establish the franchise advisory board to assist the State.