IPA, ADB Sign MOU for Business Continuity
With the support of PNG-Australia Partnership, the Department of Treasury and Asian Development’s Bank (ADB), Private Sector Development Initiative (PSDI), and the Investment Promotion of Authority (IPA) signed a Memorandum of Understanding (MOU) to make doing business together in Papua New Guinea easier and more convenient.
Under the MOU, PSDI supports the IPA to develop a new online business registry to make it easier for businesses to formalise and start in line with the global impacts of the coronavirus pandemic.
“The IPA values collaborative efforts with its stakeholders. The partnership between IPA and ADB, through its PSDI program, is one of such efforts and we are keen on renewing this MOU because we value the outcomes of this partnership,” IPA Managing Director Mr. Clarence Hoot said. “The first MOU was signed in 2017 and has delivered some essential successes, hence we are pleased to extend it to 2024,” he said in a statement. “We completed more than 60 per cent of the initiatives covered in the ambitious initial agreement and we look forward to similar success over the next five years as we work together to promote entrepreneurship and appropriate foreign investment in PNG.”
PSDI helps in the enhancement of business activities, removing the obstacles to increased economic activity, and the access finance for business.
“The IPA is an important driver of business activity in PNG,” said Minister Counsellor Tim Huggins of the Australian High Commission. “The work supported through this agreement will help grow investment, support small and medium-sized enterprises, and help businesses enter the formal economy. It will also be an important contributor to PNG’s recovery from the economic impacts of COVID-19.”
“The MOU is an important commitment by IPA and ADB to continue working to make it easier for businesses to operate and invest in PNG,” said ADB’s Papua New Guinea Country Director, Mr David Hill. “The partnership has already resulted in significant achievements, including the transition of its existing online business registries to a stable, online environment, and the implementation of the Personal Property Securities Register, which makes it easier for businesses to access finance.”
The IPA works to facilitate, promote, and grow business investment in PNG through its support for a competitive and enabling regulatory framework. This also involves the Intellectual Property Office of the PNG and the Companies Office of PNG.
While ADB commits to achieving an inclusive, prosperous and sustainable Asia and the Pacific, PSDI improves the enabling environment for businesses and leads economic growth, co-financed by the New Zealand and Australian governments.