Photo credit: BEKEI YESA
Papua New Guinea, according to Prime Minister James Marape, "remains open for business" and welcomes genuine foreign investment.
On Friday, September 24, he delivered his maiden UN speech at the 76th United Nations General Assembly in New York.
PM Marape made the guarantee while giving an update on PNG's extractive sectors in light of the current government's resource laws and policy changes.
“We strongly recognise the importance of generating sufficient revenue from domestic sources to complement external budget support for our national development priorities, as called for under the General Assembly’s 2030 Agenda and the Addis Ababa Financing for Development Framework,” he said.
“It is in this spirit that my government has embarked on reviewing and reforming our legislation and policies in the resource sector to ensure appropriate levels of national content in projects and to facilitate fair and equitable returns for all stakeholders with shared interests.
“At the same time, we continue to value, respect and uphold our partnership obligations with the private sector in our national resources sector.
“We remain open for business and therefore welcome bona fide international investors to join us in exploring opportunities available in my country.”
PNG's growth continues to be fueled by the petroleum, energy, and mining industries, which account for over 60% of the country's GDP, according to Marape.
He continued, “We continue to advocate for these developments to take place, and do as much as we can, as hard as we can, to advocate for important policies in these sectors.
“Our policies on developments in the extractive sector has begun to be cognizant of the finishing financing envelop from external sources such as loans and grants.
“At the same time, we have had to move towards better management of our national public debt.”
Reference: Post-Courier (1 October 2021). “PM Marape Invites Bona Fide Investors To PNG”.
