Autonomous Bougainville Government President, CHIEF JOHN MOMIS today announced the intention of his government to establish a foreign investment regime to attract responsible investment to Bougainville.
In 2011 the ABG engaged Tuia International, a New Zealand firm, to advise on how to attract investment into Bougainville. Tuia’s recommendations were adopted by the Bougainville Executive Council in December 2011 as policy.
President Momis said “A key recommendation by Tuia was the need for Bougainville to define clearly the type of investment it was looking for and to create an institution that would screen investment proposals for approval by the government.
We want to have investment for Bougainville that is responsible, and this will be enshrined in the legislation.
Responsible investment will ensure that the interests of our people, our values, our culture and our environment are protected as much as possible as foreign investment and industries grow”.
He said legislation will be drafted to establish an investment bureau to screen all investment proposals, and recommendations will be tabled in the Bougainville Parliament to ensure full transparency.
President Momis says that the Investment Bureau will have a board appointed by BEC, and membership will reflect the wider interests of the Bougainville community.
The ABG President said that he believes that the people of Bougainville will see this as a very positive development.
“our recent history in Bougainville with outside investors as not always been good. The Tuia International recommendation mean that we will be able to seek investment into our future on our terms. We need outside investment to grow and prosper, but our partners have to share our values and hopes for the future. We have what the world wants so we can, and will set the bar high.”
Tuia International expects to complete the project by December 2012.
And President Momis hopes that by that time the Investment Bureau members would be identified, the process in place, and the legislation to give effect to its role ready to be tabled in parliament.
The Project is sponsored by the ABG with the support from New Zealand and Australian governments through the Governance Implementation Fund.
Ends
BOC Price at posting:
79.0¢ Sentiment: ST Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)