New laws eyed to fuel growth

By LEMACH LAVARI
THE Government is focused on making laws that will help businesses grow and attract foreign investment, Commerce and Industry Minister Wera Mori says.
“There must be a strong partnership between the government and the private sector in order for PNG to have a healthy economy,” he said.
Mori told The National a way forward was through the Security Commissions Act. He said the Act had been removed but would be reinstated.
Mori said the Act would ensure PNG opened up its capital markets through the Port Moresby Stock Exchange (PomSox).
“I will soon be signing commencement of the repealed Security Commissions Act purposely for the government to open up the capital market,” he said.
Mori was speaking on Thursday at a breakfast event hosted by the Port Moresby Chamber of Commerce and Industry (POMCCI).
He said the PomSox would be opened up with investment trusts like special-purposes entities (SPE).
He said the SPEs would be used for large infrastructure and development projects. SPEs are independent companies owned by many shareholders from the public or private sector and subsidiaries to a mother company.
Mori said the Act would ensure the PomSox would “become a clearing house for foreign equity and foreign direct investment”.
He said the PomSox would act as the middle man when investors agree to do business. Mori said it will act on behalf of both parties to make sure financial transactions between buyers and sellers were fair by law.
“The Pomsox will improve the efficiency of the market and add stability to the financial system,” he said.
Mori said the government wanted to “basically open up business opportunities and create an environment for businesses to flourish”.