A bipartisan committee will review all business operations inthe country. One of its key tasks will be to ensure joint ventures in businesses with foreign interests.
Minister for Trade andIndustry, Richard Maru announced this during question time in parliament on Tuesday.
Concerns were raised onthe increasing number of Asian and foreign owned businesses acrossthe country.
Oro Governor Garry Juffa called for an urgent review ofthe existing laws on business and trade to ensure businesses reserved for Papua New Guineas remain.
Minister for Trade andIndustry, Richard Maru responded that a bi-partisan committee has been formed and will include people from various sectors including MP’sto look into this.
He says apart from protecting reserved businesses,the review will also see that in future, foreign owned businesses will only enterthe country on a joint venture arrangementoirrespective ofthe size and nature ofthe business.
He expects this review process to begin anytime this month.
China has a similar arrangement where all foreign investors operate in partnership with local businesses.
Ruth Rungula, National EMTV News