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Investment Promotion Act No. 8 of 1992.

Country/Territory
Papua New Guinea
Document type
Legislation
Date
1992
Source
FAO, FAOLEX
Long title
An Act to provide for the promotion of investment in the interests of national, social and economic development, and for that purpose to establish a body to be known as the Investment Promotion Authority; to define its powers and functions and to repeal certain Acts; and for related purposes.
Subject
General
Keyword
Basic legislation Business/industry/corporations Certification Court/tribunal Institution International relations/cooperation Monitoring Offences/penalties Registration Data collection/reporting Special fund International trade Capacity building
Geographical area
Asia and the Pacific, Melanesia, Oceania, Small Island Developing States, South Pacific
Entry into force notes
This Act enters into force on the day the Notice is published in the Official Gazette.
Abstract

This Act lays down rules for promoting and facilitating investment in the country by citizen and foreign investors; granting a foreign investment certificate to a foreign enterprise; defining the activities open to a foreign investor; registering foreign investment opportunities; promoting investments which contributes to the country and its people in terms of economic growth, employment generation, utilization domestic resources and, in particular, renewable resources, skills development, increase in the volume and value of exports, development of remote areas of the country, increased ownership of investment by citizen, reduction of the dependency on import; monitoring the impact of investment and the activities of enterprises; and establishing the Investment Promotion Authority to assist the State in achieving the purposes of this Act. The Investment Promotion Authority encourages and facilitates investment in the country by assisting investors to obtain all necessary licences, compliances and approvals, monitors the activities of foreign enterprises so as to determine whether or not a foreign enterprise is certified and complies with the terms and conditions of its certificate to carry on business in the country, maintains a register of foreign investment opportunities, and facilitates citizen participation in investment and in the ownership of national and foreign enterprises. Moreover, this Act sets out provisions on the establishment and functions of the Board under the Investment Promotion Authority, funds of the Authority, application and evaluation procedures for certification of foreign enterprise to carry on business in the country, cancellation and suspension of certification, business activities reserved for citizens and national enterprises, keeping a register to be known as the Register of Certificates by the Authority, application and evaluation procedures for certification for permitting a foreign enterprise to acquire a relevant interest in a national enterprise or in a citizen enterprise, investment guarantees to the foreign investor which is accorded under any bilateral or multilateral agreement to which the State is a party, the convention establishing the multilateral investment guarantee agency, international centre for settlement of investment disputes, appeal from a decision of the Board of the Authority, and offences and penalties and prosecution of any offence against this Act by the Authority.

Full text
English
Website
investmentpolicy.unctad.org

References - Legislation

Implemented by

Investment Promotion Regulation 1992.

Legislation | Papua New Guinea | 1992 (2002)

Keyword: Business/industry/corporations, Certification, Court/tribunal, Cultural heritage, Indigenous peoples, Internal trade, International trade, Registration, Royalties/fees, Smallholders/peasants, Recycling/reuse, Tourism, Aquaculture, Aquatic animals, Artisanal fishing, Coastal zone management, Crustaceans, Fishery management and conservation, Freshwater fishes, Inland fisheries, Marine fisheries, Marine fishes, Molluscs, Forest service/forest officers, Forest species, Planting material/seeds, Processing/handling, Timber, Timber extraction/logging, Land valuation, Survey/mapping, Animal production, Poultry, Mining, Crops/grasses, Floriculture, Plant production, Transport/storage, Hunting/capture, Insects, Protection of species, Turtles, Wild fauna, Wildlife products

Source: FAO, FAOLEX

Amended by

Investment Promotion (Amendment) Act 2022 (No. 20 of 2022).

Legislation | Papua New Guinea | 2022

Keyword: Business/industry/corporations, Certification

Source: FAO, FAOLEX

Investment Promotion (Amendment) Act 2023 (No. 2 of 2023).

Legislation | Papua New Guinea | 2023

Keyword: Authorization/permit, Business/industry/corporations, Certification, Court/tribunal, Data collection/reporting, Fraud, Institution, Internal trade, International trade, Offences/penalties, Registration, Smallholders/peasants

Source: FAO, FAOLEX