“We the people own the resources, our land however we don’t have the capital.

“The waves of globalization are at our shore , I urge everyone to become part of the worldwide community of globalization.

President Grand Chief Dr John Momis welcomes any interested credible foreign investors who wish to play a pivotal role in the development of the Autonomous Region of Bougainville’s economic growth.

By Tanya Lahies ABG Media

It is becoming a growing concern for the Autonomous Bougainville Government (ABG) to seek ways to grow its economy thus, becoming a self-reliant region.

See previous Bougainville News :

Bougainville Mining News : BCL proposes a re-opening mine start up by 2020

The ABG is currently working on an ad-hoc basis to run the nation’s affairs without the needed funding required from the Government of Papua New Guinea (GoPNG) as per the Bougainville Peace Agreement (BPA) to restore the region according to the dreams and aspiration of the government.

President Momis explained that the government had plans it would like to see prosper through the Economic Ministry which had an important role to implement important activities.

However, due to no funding from ABG, the region was dependant on funds from the National Government through the Restoration Development Grants; Fisheries; DSIP and PSIP.

Bougainville, functions differently from the GoPNG and Provincial Governments. Many of its functions are governed by the BPA and the National Government has still yet to recognize that.

Momis said that becoming a self-reliant region means, that money received from the national government can recover the economy of the region and that it is able to be independent financially, thus become fiscal self reliant however, to date, there is no funding.

But if we continue to depend on the GoPNG finance, then we are not fiscal self reliant said Momis.

As time becomes another pressing concern, Momis is calling for all Bougainvilleans to be true patriots and be part of the spirit of economic growth by working with the government. “We the people own the resources, our land however we don’t have the capital.”

“The waves of globalization are at our shore.” Momis urged for everyone to become part of the worldwide community of globalization.

The ABG is now leaning towards promoting investment and working with credible Investors who can bring in capital based on good understanding and agreement that can benefit both the ABG and the people thus, can create capital that is very essential at the moment.

Law and order is an impediment to encouraging good investors but we can overcome and find a way to overcome it, Momis added.

Another issue that needed the attention of the people was the paying of tax by business operators. Momis also urged for all business houses in the region to pay their tax, as it was an important contribution towards building economy.

The Ministry of Economy will now work on creating a new policy that would benefit the people in rural areas therefore helping people to create their own economy.