Mori wants parliament to withdraw investment bill

By CLIFFORD FAIPARIK
Commerce and Industry Minister Wera Mori says he will advise Parliament to withdraw the Foreign Investment Regulatory Authority bill.
Mori said yesterday that the bill was not applicable to this country, done outside Investment Promotion Authority and his department, and “will damage the national economy just like what had happened in Uganda and Zimbabwe”.
“When it was introduced, it did not take into account factors like what if foreign investors did not have the actual K10 million and must not come in and partner with local business men to go into business in PNG,” he said.
“The bill should take into account that although the foreign investors don’t have the K10million, they have the skills and expertise to go into partnership with local businessmen. If we pass it, it will create a scenario similar to Zimbabwe, where foreigners owning large businesses were ordered to leave to let locals take over their businesses.
“The concept is good but it might have been adopted from another country, which is not good for PNG.
“We can get the concept, but we adapt it in to our own concept that will promote and protect our economy and also local businesses.
“Our payroll is so overburdened that we can’t pay our own public servants. ‘
“Where it is possible, we must cut costs. Why do you want to create a new authority when we simply can look at a cost-effective way of achieving the same results?”
Mori said he was advocating amending the IPA act so it could create a provision that would cater for foreign companies and one for local companies.