MINISTER for Commerce and Industry Hon Henry Jons Amuli wants the legislation on Reserve Business List enacted in Parliament as part of the working progress to achieve the Government’s vision of giving economic independence to Papua New Guinea.
Minister Amuli said these when signing and approving the revised reserve business list captured in the amended Investment promotion Authority Act bill.
Minister Amuli said the Pangu-led Government of Prime Minister Hon. James Marape is serious about giving economic independence to the country and an important factor to drive that agenda is a clear demarcation on the list of businesses reserved only for locals and open for both locals and foreigners to participate.
“As much as we would like to see local Papua New Guineans own and run small businesses and venture into medium and large businesses, we also need foreign investors who provide employment for our citizens, pay taxes and create business opportunities in the country.
“What’s important is for us to have a clear demarcation where foreign direct investments should create employment opportunities and stimulate business activities in the country. Not foreigners involving in small businesses like trade stores, security firms and others that our own people are capable of doing,” Minister Amuli said.
He said a key factor to achieve economic independence was for local Papua New Guineans to own the economy.
“Based on available data and statistics, almost 90 per cent of our nation’s wealth is controlled by 2 per cent of large enterprises which are foreign owned.
“That should remain a grave concern for everyone. The ongoing lack of economic opportunities and support mechanisms has resulted in our people being marginalized in their own land. The vast majority of our people feel being left out and that backs the question as to how we can achieve our vision of becoming a middle-income nation by 2030.”
Minister Amuli said he will table the revised reserve business list in Cabinet meeting next Tuesday for endorsement and approval before it goes to Parliament.
“Meeting the Vision 2050 of a high-income nation is a challenging task and growth in the SME sector is key to achieve that vision. If we can master growth in the SME sector that is solely owned and operated by Papua New Guineans, we can be able to achieve that vision. We must have the right legislation that should set out the legal parameters to drive growth in the SME sector.
“We need to be serious if we want to achieve change and as Minister responsible for IPA and SME, I want the much-talked about Reserve Business List legislation enacted in Parliament,” Minister Amuli said.
