IPA submits new list of businesses reserved for Papua New Guineans

The PNG Investment Promotion Authority (IPA) has submitted a new list of businesses to be reserved for Papua New Guineans that is pending Cabinet approval, says Managing Director Clarence Hoot.

IPA Managing Director Clarence Hoot said the revised list is now with the State Solicitor who will then forward it to the Cabinet for approval.

 IPA submits new list of businesses to be reserved for Papua New Guineans . Photo downtown Port Morsby , File photo 

Prime Minister James Marape is expected to reveal the list during Independence Day celebrations next week Thursday.

“We have done a quick revision of the reserve activities list,” Hoot said.

"We have added a few more. That list will be announced by the Prime Minister on September 16 as part of his Independence Day speech.”

The amended list is expected to be tabled in Parliament this November.

Deputy Prime Minister and Commerce and Industry Minister Sam Basil unveiled recently in Parliament the plans to buy foreign-owned small-to-medium businesses (SMEs) and shift ownership to Papua New Guineans.

This includes trade stores and other SMEs owned by foreigners located in settlements and villages.

“We have allowed foreigners to come in, set up these trade stores, and create their empires here,” said Basil.

“People feel that the Government is letting them down.”

Basil added that the Government did not want to rush the plan.

“If the Government makes the decision for foreigners to return the trade stores, we will have to work on a time frame; maybe 24 months, as locals will not be ready to buy them if the foreigners sold them,” he said.

“We have to plan how much SME money will be budgeted in the 2022 budget to buy off these foreign-owned businesses."

Basil concluded that the Government will have to buy these businesses and then give them to locals.

The Exepreneur Magazine 

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