IPA CALLS ON GOVT TO IMPROVE PROCESS FOR RESERVED BUSINESSES
By Sandra Ulg
The Investment Promotion Authority (IPA) has called on the government to assist in reviewing the processes of reserved businesses in the country.
IPA Managing Director Clarance Hoot made this call during his speech in the SME Development Session at CANCONEX24 PNG Resources Week this morning.
Mr. Hoot said the government has a legitimate role in assisting in economic development which includes reserving business activities from foreign investment.
Mr.Hoot says reserving business activities needs to be looked at in context both at the broad level and sectoral.
He says reserved business activities need to be regularly monitored and reviewed to see whether they are working.
He suggested that there should be clearer rules for reserving business activities that are citizen-owned and operated.
In the meantime, he says IPA is in talks with the Mineral Resources Authority (MRA) on reserving Mechanized Alluvial Mining business to locals.
