Lae, Papua New Guinea’s second-largest city, is again emerging as a key location for investment. Far from drawing investors away from capital Port Moresby, a buoyant Lae could actually be good for both cities, say representatives from the two cities’ business chambers.
John Byrne, President of the Lae Chamber of Commerce and Industry (LCCI), tells Business Advantage PNG that despite foreign exchange shortages and poor roads, there is an upward trend in the city.
People Moves: Autonomous Region of Bougainville, Lae Chamber of Commerce
The proposed Foreign Investment Regulatory Authority Act has been withdrawn, according to Papua New Guinea’s two largest Chambers of Commerce and Industry. They say that the Minister for Commerce & Industry, Wera Mori, would instead look to amend the Investment Promotion Act.
Lae businesspeople have told a Customs Department forum they are deeply concerned about some importers abusing the system by under-reporting the value of their imports, or simply not declaring them. Lae Chamber of Commerce Executive member Keith Kingston says another issue highlighted was trade in counterfeit goods.
A new Executive Officer at the Lae Chamber of Commerce and Industry and the South Pacific Tourism Organisation reappoints Deputy Chairperson
New Executive voted in at Lae Chamber of Commerce, a new Director at Nautilus Minerals
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