Prime Minister James Marape has welcomed the Investment Promotion (Amendment) Bill 2022, unanimously passed by Parliament this week.
The bill encourages the growth of Papua New Guinea-owned small-to-medium enterprises (SMEs) while at the same time attracting foreign direct investment (FDI).
PM Marape also welcomed passage of the accompanying Associations Incorporation Bill 2022, which will ensure better governance and accountability, especially among rural people who form associations to benefit their communities.
Both bills were passed 91-0 by Parliament after introduction by Commerce and Industry Minister Henry Amuli.
PM Marape said the new law was the culmination of work started by his Government in 2019 after he became Prime Minister.
“As we took office, our focus was on taking back the country from wrong hands, and one major focus was on business and SMEs,” he said.
“We made a commitment to empower our people to be engaged in businesses - a key focus which differentiates our Government from past governments.
“In the 2021 Budget, 20222 Budget and now the 2023 Budget, we have placed more support and funding to ensure SMEs start moving.
“We have also put in money this year to unlock land for people to settle on and do business, both big and small.
“This bill is a first step towards clearly segregating and ring-fencing businesses that PNG citizens can participate