Bougainville To Gazette New Foreign Investment Laws

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Bill focuses on responsible investing to meet Bougainville’s needs

WELLINGTON, New Zealand (Radio New Zealand International, Nov. 19, 2013) – The autonomous Bougainville government in Papua New Guinea is about to gazette new laws establishing controls on foreign investment.

The Inward Investment Bill was passed by the ABG parliament on Wednesday last week and aims to ensure that any foreign investment is responsible and meets Bougainville’s cultural, economic and social needs.

A New Zealand company, Tuia International, has spent more than two years in Bougainville, preparing a policy on responsible investment which chief executive Tim Gibson says is incorporated into the new law.

He says every inward investment proposal will have to meet six clear criteria.

"And that is defined as being aligned with the values and culture of the people of Bougainville - ethical, moral and fair, recognises and protects land rights, is environmentally sustainable, involves maximum participation of the people and achieves social and cultural outcomes."

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