Investment Promotion Authority and Asian Development Bank to make doing business in PNG easier with support from the PNG-Australia Partnership
The Investment Promotion Authority (IPA), Department of Treasury and Asian Development Bank’s (ADB) Private Sector Development Initiative (PSDI), with support from the PNG-Australia Partnership, illustrated their continued partnership today by signing a Memorandum of Understanding (MOU) designed to make doing business in Papua New Guinea easier.
Under the MOU, PSDI will support the IPA to develop a new online business registry which will make it easier for businesses to start and formalize, and to ensure that PNG’s business laws are modern and inclusive, in line with global standards, and sufficient to support the country’s recovery from the impacts of the global corona virus pandemic.
“The IPA values collaborative efforts with its stakeholders. The partnership between IPA and ADB, through its PSDI program is one of such efforts and we are keen on renewing this MOU because we value the outcomes of this partnership,” IPA Managing Director Mr. Clarence Hoot said. “The first MOU was signed in 2017 and has delivered some essential successes, hence we are pleased to extend it to 2024,” he said. “We completed more than 60 per cent of the initiatives covered in the ambitious initial agreement and we look forward to similar success over the next five years as we work together to promote entrepreneurship and appropriate foreign investment in PNG.”
PSDI helps to improve access to finance for business, remove obstacles to increased economic activity, and enhance the business environment. PSDI’s program of work in Papua New Guinea supports Australia and PNG’s economic relationship as one of mutual partnership aimed at fostering growth and the development of our economies. This goal was articulated in the recently signed Comprehensive Strategic and Economic Partnership.
“The IPA is an important driver of business activity in PNG,” said Minister Counsellor Tim Huggins of the Australian High Commission. “The work supported through this agreement will help grow investment, support small and medium-sized enterprises, and help businesses enter the formal economy. It will also be an important contributor to PNG’s recovery from the economic impacts of COVID-19.”
“The MOU is an important commitment by IPA and ADB to continue working to make it easier for businesses to operate and invest in PNG,” said ADB’s Papua New Guinea Country Director, Mr David Hill. “The partnership has already resulted in significant achievements, including the transition of its existing online business registries to a stable, online environment, and the implementation of the Personal Property Securities Register, which makes it easier for businesses to access finance.”
The IPA works to promote, facilitate, and grow business investment in Papua New Guinea through its support for an enabling and competitive regulatory environment. It includes the Companies Office of PNG and the Intellectual Property Office of PNG.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
PSDI is a technical assistance program co-financed by the Australian and New Zealand governments, and the Asian Development Bank. Since 2007, PSDI has worked with ADB’s 14 Pacific developing member countries to improve the enabling environment for business and support inclusive, private sector-led economic growth.