Investment Promotion Authority (IPA)

Gulf Music and Culture Association certified

The Gulf Music and Culture Association was founded with the mission of preserving and promoting the unique music and cultural heritage of the Gulf region. Through various initiatives, events, and programs, the association aims to celebrate the rich traditions of the Gulf people and showcase their talent and creativity to the country and the world.

IPA Records Office destroyed

A fire truck was on site and managed to contain the fire from spreading completely burning all the files. They were able to save the files which were stored in the compact shelves.

IPA managing director, Clarence Hoot has assured the business community and Government that the IPA’s entity records are safely stored on cloud, and files kept in the warehouses were hard copies of business information that are currently available on its online registry system.

IPA condemns attacks on business houses

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.

Review of RAL to commence

The Investment Promotion Authority (IPA) was tasked by the Government to undertake the review of the RAL in accordance with the amended Investment Promotion Act (IP Act).

The National Parliament passed the Investment Promotion (Amendment) Act 2023 on 11th of January 2023 which was certified on the 29th May 2023.

The amendments, among other reforms, introduced a more structured approach to the determination of the Reserved Activities List (RAL) and introduces the new concept of the Restricted Activities List.

IPA assists Bussy Honey & Integrated farming

Bussy Honey & Integrated Farming is a family business owned by Mek Degene and his wife Matri Degene and located in Ainanimin Village in the Tabare LLG, Simbu Province.  

The couple were appreciative of the IPA’s gesture and sincerely thanked the Organisation for their assistance.   

The IPA support is a one-off sponsorship assistance given in the form of 40 beehive trays, industrial sugar feed for the beehives and honey extractor frame. 

EHP hails IPA’s establishment

Acting Provincial Administrator, Ipa’e Maniha thanked IPA for choosing the EHP apart from other Highlands provinces.
He said the province was big with a population of almost 800,000 and the Government needed to empower the people by creating business opportunities for them to participate in.

“We have to start creating employment for our people and people must be trained to create their own business. With such services we can help our people to do that.”

IPA set up help desk in Goroka

The MoU paves way for the Eastern Highlands Provincial Administration to deliver IPA services through the Help Desk to be established within the Commerce Division in the province. 

The MoU was signed by the IPA Managing Director Clarence Hoot and Eastern Highlands Acting Provincial Administrator Ipa’e Maniha and provides the avenue for IPA to collaborate with the provincial administration, business community and the general public of Eastern Highlands to ensure that IPA services are accessible. 

IPA clarifies online registry service

IPA Managing Director, Clarence Hoot was refuting to claims in the media recently regarding its online registry service being unavailable.

“We are not just updating the same system but we are developing a totally new system, hence all data being migrated are being done with appropriate procedures by both the old and new software developers,” Mr Hoot said.

 “We are fully aware of our mandated responsibilities and obviously we cannot just let a statutory function hanging without allowing services to flow.”

Incorporated Business Groups Act Amended

The amendments facilitate:

  • The reform of the law relating to incorporated business groups to combat money laundering;  
  • Provision for better internal governance; and
  • Online Filing, among other related purposes.

Minister Samb said this is the first time in almost fifty years since the passing of the Bill that amendments will be made to the Act.

IPA to review Act

This is to ensure the promotion and facilitation of investments both foreign and domestic.

In its second issue of the Opportunity Newsletter for 2021, the IPA says the proposed amendments to the Investment Promotion Act allow PNG to remain open to foreign investment but will improve processes for reviewing the Cottage Business Activities List (CBAL), also known as the Reserved Activities List (RAL), and introduce a Restricted Activities List.

These activities will be identified under the proposed amendments and accompanying regulations.