Senior officials from Papua New Guinea and Solomon Islands have concluded the 3rd round of bilateral negotiations on the Investment Promotion Protection Agreement (IPPA) in Honiara, Solomon Islands. The meeting started on Monday and concluded on Tuesday 30 April 2013.
The IPPA provides a mechanism for the promotion, advancement and at the same time, protection of each other’s investments in their respective countries.
The Investment Promotion Protection Agreement (IPPA) has been on the bilateral agenda for PNG and Solomon Islands since 2005.
After its initial proposal, progress was stalled for some time until it was brought back on the agenda and pursued more rigorously resulting in the 1st Round of negotiations here in Honiara, early February 2012.
Since then, further progress has been noted, particularly after the 2nd Round of negotiations in Papua New Guinea last September 2012, which the Papua New Guinea and Solomon Islands delegations resolved to agree in principle to certain parts of the Agreement.
Papua New Guinea investments are currently third highest in Solomon Islands, after Australia and Hong Kong and creating an environment conducive for investor confidence has been a high priority for both Papua New Guinea and Solomon Islands Governments.
During their two days of discussions, officials reviewed the various articles in the Draft Agreement and offer suggestions and comments on the text and how it could be further improved to better serve and reflect the interest of the two countries.
Officials agreed to further consult their respective Ministries and Departments on the outstanding matters on the text before finalizing the text Agreement.
Papua New Guinea delegation was led by its Acting High Commissioner in Solomon Islands, Mrs Joyce Bundu, and include officials from the Papua New Guinea Department of Foreign Affairs & Trade, Internal Revenue Commission, Department of Commerce and Industry and the Papua New Guinea Investment Authority, while Solomon Islands delegation was led by the Deputy Secretary of the Ministry of Foreign Affairs & Trade, Mr Bernard Bataánisia, and include officials from the Ministry of Foreign Affairs & External Trade, Foreign Investment Division and the Attorney General’s Chambers.
Press Release, Government Communications Unit