PRESS STATEMENT 

TISA Comes on Board as a Platinum Sponsor of WIBF 2023...

Teachers Savings and Loans Society (TISA) Limited has come on board as a platinum sponsor of World Indigenous Business Forum (WIBF) which will be hosted in Port Moresby on October 24-26, 2023. TISA is in fact the first private sector entity to become a platinum sponsor of WIBF 2023 after two Government agencies- Department of International Trade and Investment, and Special Economic Zone Authority. 

TISA CEO, Mr. Michael Koisen said TISA was happy to be a platinum sponsor of WIBF 2023 because TISA was also an indigenous business.

Minister for International Trade and Investment, Hon. Richard Maru on behalf of the Government of Papua New Guinea (who is the host of WIBF 2023) thanked TISA management and board for making the decision to be a platinum sponsor by coming up with K300, 000.

“We are extremely grateful and so thankful for the support of this leading indigenous business that has grown from humble beginnings in 1972 to have outgrown the savings and loan model and now becoming the first corporative in this country to upscale into a fully-fledged banking operation. I am one of the greatest supporters of this transition and I am so thankful that BPNG has given TISA a provisional license on merit, and we are looking forward to the granting of the full license as soon as possible. We are looking forward to TISA opening their doors as a fully-fledged bank, if anything, by early next year,” said Minister Maru.

Minister Maru assured TISA that Marape-Rosso Government would be right behind them in their move to secure a fully-fledged baking license.

“We will support TISA in every way we can so one day we can have a Papua New Guinean bank that we can truly call our own. TISA upscaling to a fully-fledged bank will mean one more bank, more competition, lower interest rates, lower bank fees, more penetration to the rural areas, decreasing the number of the unbanked, am making banking and financial services more accessible. What makes this transition very exciting is that TISA is owned by 70, 000 Papua New Guineans which means it is an indigenous business and clearly, when TISA migrates to a fully-fledged bank, this bank will be owned by the indigenous people of Papua New Guinea. This is what will make this bank unique. Leaders like me and many Papua New Guineans will get very excited to have a bank that we can call ‘our bank’,” said Minister Maru.

“As the Minister responsible for the Capital Market of Papua New Guinea, I am also excited to learn that as TISA develop they would look at one day listing on the National Stock Exchange of Papua New Guinea so our ordinary citizens in the villages, our SMEs, and our institutions can also buy shares into this business so it really becomes a Papua New Guinean bank owned by the indigenous people, businesses, and institutional investors of PNG including our superfunds and landowner companies,” added Minister Maru.

As a platinum sponsor, TISA will be one of the four PNG speakers who will speak at the forum to share their story about how TISA started in 1972 and had grown, how they were outgrowing the savings and loan model, how they are upscaling into a full-fledged bank, their vision for the future, and how indigenous Papua New Guineans can be part of that journey.

During the cheque presentation today, Minister Maru also gave an update on the preparations leading up to WIBF 2023.

“The number of delegates has been finalized to 300 international delegates and 300 local (Papua New Guinean) delegates- a total of 600 delegates. I want to call on our own delegates to register and pay their fees now as we are finalizing the list for PNG delegates over the next two weeks. International delegates are registering directly with the WIBF Secretariat in Canada,” said Minister Maru.

Minister Maru said the venue of the forum, APEC Haus had been paid for and the programs were basically set.

“We are extremely happy that NCDC has partnered the National Government to host the WIBF 2023 and they will be looking after the opening and the closing ceremony, and the markets at Ela Beach for two days of the event. The Steering Committee have been planning everything in their meetings, including the security operation and all the final details are being put together. We hope to be event-ready four weeks before the actual event,” said Minister Maru.

Minister Maru thanked Chief Migration Officer, Mr. Stanis Hulahau for the approval of a special visa arrangement at a reduced cost to allow the international delegates to come into PNG. He also said a new video will be launched next week to announce to the nation to get ready for the hosting of WIBF 2023.

“This is the second biggest international event that our country will host after APEC 2018. WIBF has been hosted in many other countries, and this is the first time that it is coming to Papua New Guinea. Hosting of this event will not only highlight our support for the world indigenous business, but it will also provide an opportunity for us to showcase Papua New Guinea as the most indigenous country of the world with over 800 languages and a thousand tribes. This will be an opportunity for our local business to build international networks, create partnerships and look for markets among all the countries that will attend the forum. It will also be an opportunity for us to promote Papua New Guinea as an investment destination and a tourist destination,” said Minister Maru.

“I am calling on local Papua New Guinean indigenous businesses to register quickly and pay up your registration fees so you can be locked in to be part of WIBF PNG 2023 before it is too late. I also want to appeal to other indigenous businesses in PNG, Government entities, and the private sector to come on board as sponsors. So far, we have received indications from some sponsors, and we are still talking to more sponsors to come on board to assist the National Government who have commitment K2 million to fund WIBF PNG 2023. We are confident that we will be able to raise the balance of the funds and will be able to stage a very successful event,” said Minister Maru.

Ends…//

Approved for Release

Hon. Richard Maru, BTech, MBA, OBE, MP
Minister for International Trade & Investment
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