Security Services Fasted Growing Industry In Papua New Guinea

admin's picture

$360 million business due to undermanned law enforcement agencies

PORT MORESBY, Papua New Guinea (PNG Post-Courier, May 15, 2015) – The security service industry is the fastest growing business in the country – it is worth almost K1 billion [US$360 million] and growing.

That is the word yesterday from the Registrar of Security Industries Authority Paul Kingston Isari.

Mr Isari said in a statement that security had become a lucrative business, involving Papua New Guineans and expatriates.

It is worth, at a conservative estimate, K883 million [US$317 million], he said.

He said the growth was caused by the insufficient manpower in most law enforcing agencies and the high population of 7.3 million people whose security needs could not be fully met by the current service providers.

Private security companies were taking advantage of the situation and were naturally filling the gap to perform quasi-law enforcement duties by protecting life and property to make money.

Major clients were government agencies, diplomatic missions, businesses, citizens and non-governmental organisations, in fact, the full spectrum of society.

Mr Isari said since January 2006 when the Security Industries Authority was officially recognised as the regulatory body for security services companies, tasked to issue security providers licence and guards permits, the industry had seen a rapid growth in the number of licensed security companies.

Statistics provided showed that on December 30, 2013, there were 24,600 security guards employed by 460 licensed security companies nationwide.

The recently released figures for 2014 showed that the number of licensed security companies had increased by two to total 462 registered with the authority while the manpower had increased to 29,857 the highest since the peak in 2006.

Mr Isari said these figures did not include the current 230 unlicensed private security companies with their unknown number of unpermitted security guards illegally providing security business to clients.

The Security Industries Authority was now putting them on notice to comply with the Security (Protec-tion) Industries Act. and register. Failure would result in "appropriate actions" taken to ensure they complied with the law.

Mr Isari said given the current trend, the number of licensed security companies was expected to further increase past the 500 magic number employing more than 30,000-plus security guards.

Rate this article: 
Average: 3.8 (11 votes)

Add new comment