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PNG will only allow genuine Investors

Those who intend to set up business in Papua New Guinea must be serious and meet set requirements.

One of such, according to Prime Minister James Marape, will be that going forward any intending business must open an account in-country and have a minimum of 10 million kina deposited.

“Investors must have serious money – a minimum of 10 million kina to be deposited in a facility with the Central Bank to show that you are serious,” said Marape.

The Prime Minister says he made this clear during his visit to Australia that this will be the approach going forward in terms of investment.

Marape says he remains confident in continued reciprocated business investment with Australia.

He also thanked existing Australian businesses, which is said to be over 5000 who continue to invest in Papua New Guinea.

The Prime Minister concluded his official week-long visit to Australia and returned to the country on Monday.

By Gregory Avira/FM100

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