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June 17th, 2013 
Peter Nolan
Updated
Papua New Guinea’s Autonomous Region of Bougainville is set to introduce tougher laws governing foreign investment.
New laws – including more detailed screening of overseas investors – will be tabled in parliament in September.
The President of Papua New Guinea’s Autonomous Region of Bougainville, John Momis, has told Radio Australia’s Tok Pisin service the proposed changes are aimed at preventing newly-arrived foreigners from dominating small businesses in the main Buka Town and the surrounding region.
President Momis expects the legislation to be tabled in parliament in September.
He says the new laws, including a more comprehensive screening of overseas investors, are needed to protect the people of Bougainville.
“If we don’t then the foreign businesses, especially Chinese, will just swamp us,” he said.
“They’ve got connections, business is their bread and butter, we don’t have that entrepreneurial flair, we don’t have the capital, we don’t have the skills.
“That is why we want to make sure that credible businessmen, and only credible businessmen, come and practise business here.”
President Momis says there is a problem with some people taking advantage of a lack of law enforcement, but that is going to change with the formation of a new security company.
He says the new law enforcement arm will make sure the tougher rules are being adhered to.
“We are now forming a joint security company in conjunction with an Australian company to train our own people,” he said.
“First of all to absorb ex-combatants and other young men and women to help provide security and compliment the work of the police force.”
President Momis says the aim is to create a conducive climate for foreign and internal investment, so both foreigners and Bouganvilleans can benefit.
“We want to encourage business that will have… mutually beneficial results for our people.”
Topics:
business-economics-and-finance,
government-and-politics,
bougainville,
papua-new-guinea,
pacific
First posted
Source Article from http://www.abc.net.au/news/2013-06-17/an-bougainville-sets-new-foreign-investment-laws/4761162
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