The Bougainville Inward Investment Board is pleased to announce the official swearing-in of its new members in a significant event held at the ABG Department of Commerce, Trade, Industry and Economic Development this week. This momentous occasion marks a crucial step towards revitalizing Bougainville's economy through foreign direct investment.
The newly appointed members of the Bougainville Inward Investment Board include Albert Nukuitu, Annette Robin, Salome Rihatta, Thomas Tamusio, and Robert Critchley. Their expertise in various fields will play a pivotal role in shaping the economic landscape of Bougainville.
In his welcoming remarks, Alex Kerangpuna, Secretary for the Department of Commerce, emphasized the vital role of foreign direct investment in strengthening Bougainville's struggling economy. He expressed his confidence in the Board members' ability to provide the leadership needed to make critical investment decisions.
"This is an important office to screen applicants, whether foreign or Papua New Guinean investors, interested in investing in Bougainville. We possess abundant resources that make Bougainville a resource-rich region, but we must make informed decisions to ensure equitable and sustainable benefits from these resources. Your contribution to decision-making is paramount in boosting the economy,” Secretary Kerangpuna said.
The Bougainville Inward Investment Act 2013, reviewed in 2018, is a cornerstone of legislation developed by the Autonomous Bougainville Government (ABG) to govern foreign investments in the region. Secretary Kerangpuna underscored the Board's responsibility to attract genuine investors who can contribute to Bougainville's economic growth and readiness for independence.
“I have trust and confidence in the new Board, and we will collaborate to effectively implement the Act.”
He acknowledged the challenges ahead, especially in working closely with resource owners to ensure mutually beneficial decisions, which will be addressed during the induction of the new Board members.
In response, the Board members expressed their unwavering commitment to working collaboratively with the Department and the government to serve Bougainville's best interests. Speaking on behalf of the Board, Mr. Albert Nukuitu conveyed their gratitude and dedication to their responsibilities.
"We are fully aware of the substantial task before us, and we pledge to make decisions that are in the best interest of Bougainville's economy," Mr. Nukuitu affirmed.
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