8 Apr 2013

Bougainville's new investment office to weed out the unscrupulous

9:08 am on 8 April 2013

There are hopes a new investment office planned for Bougainville will weed out entrepreneurs trying to make a quick buck out of the region's rich resources.

A New Zealand company, Tuia International, has helped the Bougainville government set up an investment strategy and office which would attract responsible investment to the region, an autonomous part of Papua New Guinea.

The development of Bougainville's resources have caused contention in the past, with conflict over the huge Panguna mine sparking a decade long civil war.

A director of Tuia International, Tim Gibson, says there has been little activity to date from good investors.

"Not many responsible investors are knocking on their doors. There are alot of people who are going up there to try and make a quick buck and take advantage of them. We are hoping though that the fact that they are going to have a regime which is clear and transparent with rules around it will encourage responsible investors who can see the potential."

Tim Gibson says the operation is ready to go once legislation is passed, expected in June this year.