Investment Promotion Authority

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.

Investment body on campaign to educate

IPA is a statutory government body that governs  the laws of doing business and also markets the country to potential investors.

IPA and the  PNG Media Council are co-hosting a two day workshop in Port Moresby, bringing together other government bodies and journalists.

The workshop started today.

Collaborations by all stakeholders are  important to promote business in the country, says IPA chairman Leon Busken.

The workshop objective is to create awareness, stimulate discussions and initiate policy action for harnessing economic growth.