• PNG Business News

PNG regulators summit a success

Businesses need efficient regulations to thrive and contribute to creating a productive economy.

This was part of the message from Investment Promotion Authority Chairman Clarence Hoot during the successful hosting of the Business Regulators Summit in Port Moresby that saw regulators converge on the Hilton Hotel, Port Moresby from September 19-20.

“By efficient regulations, we advocate for policy and regulatory reforms so that our key business regulations are harmonized and responsive to the needs of domestic businesses and MSME’s,” Mr Hoot said.

“Most importantly efficient regulations will help in creating a conducive-environment for attracting foreign direct investments.

“Efficient and effective domestic regulations will contribute to economic productivity in our economi sectors that will contribute to sustainable and inclusive growth,” he said.

Hoot said the impact of having in place efficient and effective regulations will have far reaching achievements including placing PNG as an attractive investment destination.

The key objectives of the Summit were to;

  • Provide a platform for all regulatory bodies and agencies to discuss arrays of regulatory requirements and impediment to business

  • Promote dialogue and awareness, establish visibility and create synergies for a harmonized regulatory system

  • Provide policy recommendation to Government to consider regulatory reforms in key areas of doing business, improving global investment attractiveness and investment compliance

  • Create synergies among various regulatory agencies that is responsive to business development and progression

On the policy front, Hoot assured that the IPA will continue to pursue reforms

It recently introduced the cost-effective Online Registry System to enable swift business and companies registration, digitization and e-transaction commerce and payment mode.

It is also working on partnering with stakeholders, in particular provincial administrations, to extend its service delivery throughout PNG.

IPA will be reviewing the National Investment Policy and Investment Promotion Act and is continuously engaging with regional and global partners such as APEC to increase and enhance business ecosystem and competitiveness.

Mr Hoot called for stakeholders to work together to promote and consolidate discussions that are aligned to national development plans, strategies and policies such as the Development Strategic Plan and Vision 2050.

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