PM vows to review law on foreign investments

PRIME Minister Peter O’Neill has assured the business community that a bill on foreign investment before Parliament will be reviewed before it progresses further.
The business community had raised its concern on three bills tabled in Parliament last week, which members said they should have been consulted on.
He told a business breakfast in Port Moresby yesterday that the Government “is one that listens and consults everyone on where our country is going”.
“Over the past few weeks, I’ve received strong representation from stakeholders in relation to some of the upcoming development policies,” he said.
“Our Government will introduce legislation intended to promote small businesses for Papua New Guineans.
“I am certain that you are unanimous in supporting small businesses in our country. The proposed legislation is about empowering our people and giving them fair protection from being overrun.
“This reform is not about genuine and large scale investments in the country.
“Our concern is about the take over of SMEs by individuals with an unfair advantage.
“We are open to further dialogue and we will continue to hear your (business community) concerns.”
He said foreign investment in SMEs backed by unfair capital was not the way to go.
“In the long term we will establish an independent and foreign fair investment review board that can look at investments so that it can protect our national interest and our people.”