Investment Promotion Authority

NASFUND & IPA sign MOU

The MOU was signed today by NASFUND CEO Ian Tarutia, and IPA Managing Director, Clarence Hoot.

NASFUND is the first private sector agency to sign an MOU with the IPA , that enables the Fund to have a permanent presence at the IPA’s registration Kiosk.

Through the MOU, both organizations will share relevant employer database information, that can be used to ensure that companies who register with IPA also sign-up to superannuation, for the benefit of their employees.

The MOU also allows NASFUND to share employer data through IPA offices throughout the country.

IPA moves to cloud storage

The move is part of IPA’s endeavour to bring quality and efficient services to its clients.

“The IPA wants to ensure that the best available registry services are provided to the PNG public,” said IPA acting managing director, Clarence Hoot.

Technical assistance to transfer the registry is being provided by the pacific private sector development initiative, a program undertaken by the Asian Development Bank in partnership with the governments of Australia and New Zealand.

A healthy investment destination

Investment Promotion Authority acting managing director, Clarence Hoot, said since the year began, they have had visits and discussions with potential investors from several countries.

He said this shows that the country remains a healthy investment destination.

Clarence stated that the first group from Japan were focused in the oil and energy sector.

Another potential investor from Sri Lanka was interested in the production of coconut from East New Britain Province.

Submit annual returns or face deregistration

This is in preparation for the deregistration exercise planned to take place towards the end of the year and companies that do not submit will be removed from the registry automatically by the system.

This is one of the features of the Online Registry called the Automated Compliance Program (ACP) which has not gone live yet.

The ACP allows the system to monitor companies’ compliance issues and automatically notifies them whenever they are due to file their annual returns with the Office of the Registrar of Companies.

Home ownership scheme for IPA Staff

The policy was officially launched by IPA Board chairman Leon Buskens witnessed by staff and the media.

The IPA Board approved the initial idea to establish a staff home ownership scheme in 2011.

It took five years to finally come up with a policy that suited the IPA and is now ready to be rolled out and staffs have been encouraged to apply through the open market.

IPA Acting Managing Director Clarence Hoot said a total of 115 staffs have already expressed their interest in this scheme but only 62 have qualified to participate.

Prioritise efficient customer service: Buskens

Addressing staff at a recent meeting, Chairman Leon Buskens said customers would be happy to pay extra for an efficient and reliable service and that is what the IPA should strive towards given the critical service it provides to the growth of the country.

Buskens reiterated the important role the IPA plays as a gate keeper in ensuring businesses were compliant with the respective regulations it administered, which fostered growth and good governance for all.

Two things to help youths be successful

That is the word of advice from Customs Commissioner and Patron of Reach Inc, Ray Paul.

“For young people out there, you can say you are a spiritual person but if you do not have any ethics then you have a problem,” he says.

“You must have this together in any organisation if you want to be successful, these two things work together.”

Reach Inc is a charity organisation that was formally launched last week in Port Moresby, after being incorporated with the Investment Promotion Authority.  

Investment Promotion Authority will conduct provincial outreach

The provincial outreach program themed ‘Promoting a Conducive Business Environment for Everyone’ will be in Manus and Milne Bay on 24 - 25 October, West Sepik 2-3 November and West New Britain 31 October - 01 November.

The outreach is aimed at educating people on proper business procedures apart from IPA’s roles and services and will involve presentations to stimulate discussions with stakeholders and other key government agencies whose services cross cut with IPA.

‘Adventure tourism’ should sell PNG, says IPA

IPA acting managing director, Clarence Hoot, says PNG can compete with other tourism hot spots in the Pacific and Oceania Region by selling our brand of ‘adventure tourism’.

“We can go hiking, you go to the forest and do a bit of bird watching, you can go rafting, you can go scuba diving, so our focus should be more towards adventurous tourism,” said Hoot.

He said countries like Fiji received many tourists based on what he coined “laid-back tourism” where tourists go to relax.

IPA Submits Annual Reports and Audits

This is to allow transparency and standards to be maintained at all levels.

The Investment Promotion Authority is one of few entities in the country that publishes its annual audits and reports for public consumption.

The organisation today presented its 2015 audit and annual reports.

The annual report and audit is the organization’s way of maintaining transparency, accountability and investor confidence.

This is the organization’s fourth consecutive audit and annual report.