BCL was represented at the recent Bougainville Business Forum in Buka where some interesting topics were canvassed, including the prospect of a future sovereign wealth fund for Bougainville and updates on Bougainville’s Economic Roadmap.
The forum was hosted by the Department of Commerce, Trade and Industry with other government departments also represented. Sovereign wealth funds see some of the proceeds of revenue typically from resources projects invested for the benefit of future generations. It is one way of seeing wealth captured from projects during their lifecycle. They can be used for various public good purposes, and in some resource-rich countries such as Norway they have been used to provide stability during times of global economic downturn.
The ABG is examining ways of increasing internally generated revenue in sectors such as minerals and resources, agriculture, fisheries, tourism, and services to support greater levels of future self-reliance. Investments in gold refining, bottling, aviation, power, telecommunications, and transport infrastructure are among those to have ABG support.