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Business Environment in PNG must be conducive for investment

The Business environment in the country must be conducive for businesses to operate & thrive.

Investment Promotion Authority Managing Director Clarence Hoot said this at the Business Regulator’s Summit currently on at the Hilton Hotel in Port Moresby.

Addressing Business regulators, he said they must all work together to create an attractive business environment to attract investors.

According to the World Bank report 2019, PNG ranked 108 out of 190 countries as a hard place to do business.

PNG ranks poorly against the rest of the world, says Jonathan Kirby, Senior Operations Officer, International Finance Corporation.

He echoed the same sentiment as Mr Hoot, saying PNG’s business environment is not conducive business especially for SME's.

Mr. Hoot said by creating efficient regulations, key business regulations will be responsive to the needs of domestic businesses and MSME's and most importantly creating conducive environment for attracting foreign direct investments.

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