Adopts Investment Act (Amendment) No.2 of 2023
11 Jan 2023
On 11 January 2023, the National Parliament of Papua New Guinea enacted the Investment Promotion (Amendment) Act No. 2 of 2023, officially certified on May 29, 2023. The notable revisions introduced in the Amended Act encompass:
- Streamlining the foreign certification process to expedite application processing and instituting an automatic rejection mechanism for applications related to reserved activities.
- Mandating a periodic review of the Reserved Activities List at least once every three years.
- Introducing additional reporting requirements for foreign investors while empowering authorities to revoke certification in cases of significant violations of key business laws.
- Enhancing the enforcement and compliance mechanisms of the Investment Promotion Authority (IPA) and fostering improved coordination for cross-agency enforcement efforts.
- Establishing a dedicated Registrar of Foreign Investment with the authority to oversee the system, facilitate the acceleration of much-needed incoming investments, automatically reject unethical and undesirable investments, and enforce compliance measures.
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Type:
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Entry and establishment (Approval and admission)
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Promotion and facilitation (Investment facilitation )
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