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Online Business Registry for Papua New Guinea

 A NEW online business registry will be developed by the Papua New Guinea Investment Promotion Authority (IPA) with support from the Asia Development Bank (ADB) through its private sector development initiative (PSDI).

IPA, department of treasury and ADB’s private sector development initiative (PSDI), with support from the PNG-Australia partnership, has signed a memorandum of understanding (MOU) designed to make doing business in Papua New Guinea easier.

Under the MOU, PSDI will support the authority to develop a new online business registry which will make it easier for businesses to start and formalise, 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 Covid-19 pandemic.

IPA managing director Clarence Hoot said the authority valued collaborative efforts with its stakeholders.

“The partnership between IPA and ADB, through its PSDI programme is one of such efforts and we are keen on renewing this MOU because we value the outcomes of this partnership,” he said.

“The first MOU was signed in 2017 and has delivered some essential successes, hence we are pleased to extend it to 2024.

“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 businesses, remove obstacles to increased economic activity, and enhance the business environment.

PSDI’s programme of work in PNG supports Australia and PNG’s economic relationship as one of mutual partnership aimed at fostering growth and the development of our economies.

Australian High Commission minister counsellor Tim Huggins said the IPA was an important driver of business activity in PNG.

“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.”

ADB’s PNG country director David Hill said the MOU was an important commitment by IPA and ADB to continue working to make it easier for businesses to operate and invest in PNG.

“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,” Hill said.


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