The Division is responsible for research, planning, coordination and development of appropriate commerce and industry policies and legislations conducive for both domestic and international investment
opportunities in the country.
The Division is also responsible for establishing, maintaining and disseminating statistical information, library services and related trade data and at the same time coordinates Public Investment Programmes for The Ministry.
The Division has two Branches;
(1) Policy Development;
(2) Planning, Information & Monitoring.
The Department of Commerce and Industry continuously strives and focuses on creating a conducive enabling environment for micro small and medium enterprises, small and medium industries, and corporate companies, and to attract foreign direct investments to operate their businesses with ease through its policy intervention programs.
The Department is currently developing key economic policies that will complement other existing Government policies to support the National Government’s development agendas and the National Goals and Directive Principles of the National Constitution to grow the socioeconomic development of Papua New Guinea.
POLICIES ALREADY LAUNCHED
* PNG National Gold Bullion Policy 2023
One such policy that was already achieved by the Department is the Papua New Guinea National Gold Bullion Policy 2023. The Policy was launched on 12 May 2023 by the Hon. Prime Minister James Marape. The Policy provides a framework that will encourage the accumulation of national wealth through the extraction, production, storing, and trading of gold.
Watch the Youtube Video below for Prime Minister Hon. James Marape's address during the launching of the Gold Bullion Policy.
Since 1970, the mining industry has been the dominant industry in PNG’s economy. The mining industry is by far the largest source of revenue for the country. It is also the second-largest employer and a significant contributor to the development of rural. However, the State’s participation is only limited under the current royalty-tax regime with foreign-owned mines in PNG. Hence, the Government of PNG (GoPNG) is keen to rebalance the sector towards greater public ownership of mines, undertaking explorations, engaging in mining activities, and supporting this policy for refining, minting, and trading of State-owned gold. Through this Policy, GoPNG will provide a regulatory framework and build a vibrant domestic gold bullion ecosystem to create sustainable wealth to improve the quality of life and the socio-economic status of its population.
POLICIES BEING FORMULATED
* PNG National Content Policy 2023 (PNG-NCP2023)
Another key policy currently being formulated is the Papua New Guinea National Content Policy for Resource Sector (PNGNCP). This draft policy is at its final stage after it underwent exhaustive and wider consultations both at the national and provincial government levels, the industry players in the resource sectors, civil societies, private sectors, peak bodies, and stakeholders. As part of the policy development process of the public service, policies are launched and come into effect after endorsement and approvals are given by the National Executive Council.
PNGNCP was approved by NEC in 2021 and work programs in detail and expenses budget was prepared in 2022. Wider consultations were undertaken starting in March 2023 after the programs were endorsed by the Secretary of the Department of Commerce and Industry. Since then, we have completed all the regional stakeholder consultations, and we successfully had the final validation workshop on the 25th of August 2023 at the Apec Haus. We are now focusing on finalizing the stakeholder consultation reports and the final draft policy for NEC submission.
This Policy when endorsed and coming into effect will promote and encourage active participation of Papua New Guineans in major resource development projects whilst forging strategic partnerships with project developers. It will focus on six Key Policy Focus Areas (KPFA):
- Domestic Procurement of Goods and Services.
- Supplier & Entreprenuership Development.
- Employment Opportunities for Papua New Guineans.
- Skilled Workforce Development.
- Greater Equity Participation by Papua New Guinea.
- Oversight on Sustainable Development for Project Impacted Communities.