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IFC Supports Papua New Guinea’s Business Law Changes to Improve Investment Climate

Port Moresby, Papua New Guinea, July 28, 2011 —IFC, a member of the World Bank Group, and Papua New Guinea’s Investment Promotion Agency will hold consultations on proposed changes to the country’s business laws that will improve corporate regulation and simplify business registration, making it easier for firms to operate, expand, and create employment opportunities.
IFC will sponsor two seminars, hosted by the Investment Promotion Agency, to discuss the Companies Act and Business Names Act and gather feedback on proposed amendments from business owners, legal practitioners, politicians, and the public.  The seminars will be held at the Gateway Hotel in Port Moresby on July 29 and the Lae International Hotel in Lae on August 1.
IFC has been advising the Investment Promotion Agency on reforming laws relating to business startup and operation.  The proposed changes include streamlining business-startup procedures and improving corporate-governance regulation.  These changes will protect shareholders, improve transparency, and clarify the regulatory authority of the company registrar.
“IFC has brought international experience and know-how to support our business-laws reform efforts,” said Ivan Pomaleu, Managing Director of the Investment Promotion Agency.  “These changes will make business registration more accessible and efficient, simplify the steps needed to do business in Papua New Guinea, and improve the regulation of companies.”
The changes also will enable the Investment Promotion Agency to introduce, with IFC’s support, a Web-based business registry to simplify the registration process for business owners.
“A Web-based registration system will make it easier for an entrepreneur to register and formalize their business, helping them grow their operations and create local jobs,” said Carolyn Blacklock, IFC Resident Representative for Papua New Guinea.  “By assisting the Investment Promotion Agency in introducing these changes, IFC also is helping bring the country up to speed with international best practice.”
IFC’s work in improving the investment climate in Papua New Guinea is supported by the governments of Australia, Japan, and New Zealand.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org .
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