The Autonomous Bougainville Government has brought together experts from government, business and overseas to establish a roadmap towards financial independence.

The three-day tax and revenue summit opened yesterday, with over 150 experts and participants from Bougainville and National Governments, local business houses, and development experts.

Presentations covered a snap shot of the current economy, as well as short and long-term options available for the government to grow the economy and increase the tax base for service provision.

Bougainville President Chief Dr John Momis said the summit was critical to help Bougainville raise revenue and income.

“We must speak with a sense of urgency – we must be creative and innovative,” President Momis said.

“We don't want to be dependent on PNG handouts.”

Opening the summit, Minister for Finance and Treasury Robin Wilson said he wanted to see concrete options for the government to consider.

“While the Bougainville Peace Agreement provided us with a political roadmap, there is no economic roadmap,” Minister Wilson said.

“That is the role of this summit. We don't want an academic exercise: the people of Bougainville demand practical and workable solutions.”

The Minister said the Bougainville Government has already stepped up in two areas to improve its financial position.

“One is prudent management of limited resources and declining financial grants from the National Government. Two is an increased focus on internal revenue – such as the creation of a Department for Economic Development, as well as this summit, which brings together our best minds together to create new ways, within our current laws and position as an autonomous region within PNG.”

The summit covers mining, taxation, options for broadening economic development, improving the business environment, and the contribution of development partners to support Autonomous Bougainville Government’s development plans.

Summit presentations, outcomes and resolutions will be made available on www.abg.gov.pg.

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