As part of the Investment Promotion Authority’s (IPA) continued efforts to reach out for inclusive purposes, the Managing Director of the IPA Mr Clarence Hoot convened another meeting with senior officials from the Australia High Commission to discuss ongoing collaborative efforts and future initiatives for the two organisations.

The Investment Promotion Authority’s Clarence Hoot. Credit: BAI/Stefan Daniljchenko

The meeting underscored the robust support the IPA receives from the Australian Government particularly, through the ADB PSDI arrangements in relation to the IPA’s legislative reforms and the implementation of its enhanced new Online Registry System.

During the discussions, Mr Hoot provided an update on the progress made in our efforts towards legislative reforms. The meeting served as an opportunity to touch base on the achievements thus far and to strategize on the forward pathway for the upcoming year.

Key topics of discussion included plans for a further review of existing laws to enhance regulatory frameworks. Additionally, the officials discussed the anticipated 12-month full operation of the Online Registry System, focusing on identifying areas where additional support may be required.

The IPA MD also took the opportunity to alert the High Commission officials regarding ongoing discussions surrounding Anti-Money Laundering and Counter-Terrorism Financing (AML-CTF) measures, particularly in light of recent reports from Papua New Guinea. This aspect of the conversation highlighted the importance of international cooperation in addressing financial crime and ensuring compliance with global standards.

Further details on the work related to AML-CTF have been included in a separate article in this issue, emphasizing the IPA’s commitment to fostering a secure and transparent investment environment.

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