The Papua New Guinea Investment Promotion Authority (IPA) has condemned the senseless attacks on business houses in Port Moresby and other centres around the country.
The looting and damages of businesses was carried out by the public, whilst taking advantage of the stand down by the PNG disciplined forces wanting answers from the government over their salary discrepancies.
IPA managing director, Clarence Hoot and the Board were concerned about the incident saying such actions painted a bad picture on the IPA’s effort to promote PNG as a preferred investment destination.
“One of our key programs over the years has been to facilitate investments as well as promoting PNG. One of our key setbacks has been the law and order concerns. Even though such problems are common throughout the world, and security is one of the costs that investors unfortunately have to incur as part of their operational costs to ensure businesses are protected and secured.
“The IPA would like to convey its uttermost regret and sympathies to the companies affected and to assure them that they will work with them in terms of compliance requirements if required to ease some of their pain,” said Mr Hoot.
The recent incident will take a lot of efforts and resources to rebuild the eroded investor confidence build over time and especially, on the eve of the next economic boom.
He mentioned that the losses unexpectedly forced upon business by way of lost stocks from the looting doubled with the huge costs of rebuilding burnt down shopping properties and warehouses would be in millions of Kina and something that could have easily been avoided.
Mr Hoot further stated that to rebuild a shopping centre, as those burnt, will take a long time and financial resources which unfortunately, affected businesses will have to source from somewhere as these were not part of their operational plans for the year.
In addition, large numbers of PNG citizens have been forced into unemployment and there will be huge losses of revenue both for the affected companies and the Government from various taxes which will be lost.
He issued a warning to the public that vandalizing of properties was a crime and people who partake in these illegal activities must face the full force of the law.