Commerce and Industry Minister William Duma told the Post-Courier that the department was reviewing the list from when it was under the "business reserve list, cottage industry" - and now a new list had been made.
Duma said the first list, which allowed only Papua New Guineans to do certain businesses, was done away with to allow more foreign investment.
He said in the early 2000s there was another list called the "cottage list" which was introduced but it failed to work properly.
"Lately one of my predecessors, Richard Maru, introduced the SME policy and there was some businesses that were supposed to be reserved for our people.
"What we are trying to do now is review the first, second and third list and do a thorough review of everything," Duma said.
"We want to introduce a list that is balanced and fair to our people and investors. And we all should know we are a developing country we still continue to rely on foreign expertise to take part in some of those activities," he said.
Duma added that it had to be a careful balance and at the moment the pandemic had not been helping. He said the country needed foreign investment but some categories of work, such as security, would definitely be restricted.
"The draft list should be done in the next three to four weeks," he said.
Duma said the amendment would not be ready for the August session of parliament but the next one.