ABG Acting Chief Secretary and IPA Managing Director discuss transition of key IPA powers to Bougainville

By: PNG Business News April 29, 2024

ABG Acting Chief Secretary Kearnneth Nanei and the Managing Director of the Investment Promotion Authority (IPA), Clarence Hoot, met recently in Buka to discuss key priorities for the economic sector on Bougainville.

Mr Nanei said this meeting was following an invitation from the ABG to discuss and consult on ABG's immediate intervention program to anchor Bougainville’s economy. This program, which is driven from the Office of the Chief Secretary through a whole-of-government approach, is geared towards working collaboratively with IPA to establish key economic foundational institutions towards creating a stable economic landscape for Bougainville.

The discussions also centered on transferring priority powers under IPA to ABG's Department of Commerce. These powers include Investor Servicing, Business Registration, Regulation and Certification, Protection of Intellectual Property, and Regulating Capital Markets, among others.

Acting Chief Secretary Nanei took the opportunity to brief Mr. Hoot in more detail, on the ABG's priority work streams under the economic roadmap and the recently endorsed immediate interim economic package.

This package, endorsed by the Bougainville Executive Council, offers a fresh approach with immediate interventions aligned with the goals of the Economic Roadmap for Bougainville. The proposed activities, adopting a whole-of-government approach, are grouped into work streams as anchors to establish the necessary regulatory framework for a stable economy.

"We want to build on the resilience of our people and support them in building a strong and vibrant economy for Bougainville," Mr. Nanei emphasized.

Mr. Hoot welcomed the presentation from the ABG Acting Chief Secretary, reaffirming IPA's ongoing commitment, support and guidance to the ABG through their regional IPA office in Buka, and through the ABG Department of Commerce, a key partner of IPA in Bougainville.

The meeting was also part of Mr. Hoot's annual tour to visit their regional IPA offices, which include one in the Autonomous Region of Bougainville.

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