Papua New Guinea’s controversial proposed foreign investment bill to be withdrawn, say chambers

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The proposed Foreign Investment Regulatory Authority Act has been withdrawn, according to Papua New Guinea’s two largest Chambers of Commerce and Industry.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.

People Moves: Digicel, Remington Group, Port Moresby Chamber of Commerce and Industry, Kina, Nambawan Super

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Digicel Papua New Guinea announces new head of HR, Remington Group welcomes a manager to its marketing team and POMCCI appoints a new CEO.

People moves: Port Moresby Chamber of Commerce & Industry, Ombudsman, Chief Justice

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A new Executive elected to the Port Moresby Chamber of Commerce & Industry, Accountant Ombudsman, Chief Justice retires.

ABAC identifies Papua New Guinea’s fisheries as outstanding growth area

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Papua New Guinea has significant opportunities for employment and foreign exchange from its fisheries, but only if it can develop the necessary policies and infrastructure. That was the conclusion from meetings of the APEC Business Advisory Council (ABAC).

IPA signals crack down on foreign ownership rorts in Papua New Guinea

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Concerns have arisen about the foreign ownership test in Papua New Guinea after the Investment Promotion Authority (IPA) published advertisements indicating it will be taking a close look at what is happening. Observers see it as a sign of a tougher stance from the regulator.

A tale of two cities: reflections on 10 years in Port Moresby and Lae

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Papua New Guinea’s two major cities, Port Moresby and Lae, are the heartbeat of the economy. David Conn, Chief Executive of the Port Moresby Chamber of Commerce and Industry (POMCCI) and Alan McLay, President of the Lae Chamber of Commerce (LCCI) reflect on the changes that have occurred in their respective cities over the last decade.

Existing SMEs on new Reserve List of Papua New Guinea businesses will be bought out at current market value, says Minister

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Trade, Commerce and Industry Minister Richard Maru says he is compiling a reserve list of businesses that may only be owned and operated by PNG nationals. While Maru has given no timeline for the reintroduction of the Reserve List, he says existing businesses will be bought out at the current value.

SME policy launch reflects growing realisation that Papua New Guinea cannot rely solely on the resources sector

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The launch of the country’s first master plan to develop the Small and Medium Sized Enterprise (SME) sector reflects a growing acknowledgment by Cabinet ministers that they need to grow sectors other than mining.

In brief: Agriculture Minister says Papua New Guinea must reinvest in sector, and other business stories

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Agriculture Minister says annual investment in agriculture is just K150 million a year, call for mining sector style tax incentives for agriculture, and Leaders’ summit critically important, says O’Neill. Your weekly digest of the latest business news.

In brief: Papua New Guinea government suspends vegetable import ban, and other business stories

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Ban imported vegetables suspended for three months, Mainland CEO calls for tougher bio security measures, and Oil Search confident, despite low oil prices. Your weekly digest of the latest business news.