Bougainville's President, Ishmael Toroama, believes there is a lack of incentives in key business sectors.
In response he wants to change the law to make areas such as mining, fisheries, agriculture, manufacturing and tourism more appealing to investors.
Toroama said the prospects of economic growth in Bougainville will see great improvement if the Inward Investment Act is rewritten.
He said the current law, what he calls a cut and paste from Papua New Guinea, needs to be tailored to suit Bougainville's objectives.
The president said they are looking at models around the world that are practical for Bougainville to emulate.
As it strives to develop an economy, the Bougainville government is also looking at helping develop what it calls the 'low hanging fruit.'
As well as cocoa and vanilla, the government said key areas ripe for development include alluvial gold mining, water bottling and biodiesel.
PNG's prime minister James Marape (right) shakes hands with Ishmael Toroama, the president of the autonomous region of Bougainville, 5 February 2021. Photo: PNG PM Media
Toroama said there are Bougainvilleans involved in some of these businesses and the government, perhaps through joint ventures or state owned enterprises, could help develop them.
Since coming to power in September last year Toroama has initiated several high impact economic development projects on Bougainville - specifically the Bana Special Economic Zone, Tonolei Integrated Agriculture Project and the Manetai Limestone Project.
But it is expected these projects will need significant development before they become productive.
