PSDI supports development of new 10-year PNG Capital Markets Development Strategy
PORT MORESBY, PAPUA NEW GUINEA (27 March 2023)—The Pacific Private Sector Development Initiative (PSDI) has supported the Securities Commission of Papua New Guinea (SCPNG) to develop a new 10-year Capital Markets Development Strategy, outlining how PNG can attract investment to grow its economy and create new jobs.
PSDI Financing Growth Specialist Jeremy Cleaver on 27 March 2023 presented the PNG Capital Markets Development Strategy 2023–2033 to the Hon. Richard Maru, PNG Minister for International Trade and Investment, and other key stakeholders in Port Moresby.
“The new opportunities created by the Capital Markets Development Strategy 2023–2033 will contribute to economic growth, job creation, and enhanced prosperity in PNG,” Mr Cleaver said. “PSDI is glad to support SCPNG on this important reform initiative.”
PSDI Financing Growth Specialist Jeremy Cleaver outlines the PNG Capital Markets Development Strategy 2023–2033. PHOTO: Australian High Commission, Port Moresby.
The Capital Markets Development Strategy 2023–2033 outlines the policy, legal, regulatory, and technological reforms required to support a vibrant PNG capital market, which will help attract inward investment and enable PNG residents to safely invest. It also considers:
- SCPNG’s leadership, capability, and capacity;
- The expansion of the PNG capital market;
- National and international cooperation; and
- Investor education and promotion of diversity.
PSDI Consultant Peter Taylor discusses the PNG Capital Markets Development Strategy 2023–2033. PHOTO: Australian High Commission, Port Moresby.
The Capital Markets Development Strategy forms part of a suite of PSDI work to foster PNG capital market development and improve inclusive access to finance for PNG businesses.
As well as the Capital Markets Development Strategy, PSDI is currently advising SCPNG on legislative amendments and regulations to increase the efficiency of local markets. It is also supporting the strengthening of SCPNG’s role as capital market regulator through capacity-building measures, in accordance with the Government of PNG’s Financial Sector Development Strategy (FSDS) 2018–2030.
PSDI’s work program with SCPNG has been facilitated by the provision of $AU1.3 million in earmarked funding from the Government of Australia.
“A robust, fair, and transparent capital market is critical for promoting business access to finance, and therefore economic growth,” SCPNG Executive Chair James Joshua said. “SCPNG is strongly committed to this important reform and strengthening program.”
Attendees of the PNG Capital Markets Development Strategy 2023–2033 presentation, including PSDI's Jeremy Cleaver (seated, left) and Peter Taylor (seated, second left).
SCPNG is an independent statutory body corporate that regulates the capital market and its practices in PNG. SCPNG seeks to protect investors, maintain a fair, orderly, and efficient capital market, and mitigate inherent market risks.
PSDI is an Asian Development Bank (ADB) technical assistance program undertaken in partnership with the Governments of Australia and New Zealand. PSDI supports ADB's 14 Pacific developing member countries to improve the enabling environment for business and to achieve inclusive, private sector-led economic growth.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.