Photo: Paga Hill Development
Hon. Prime Minister James Marape has told the Papua New Guinean business community and international investors that the country's economy would continue to develop in the coming years, with even more growth expected in the next five years as significant national investment projects come online.
The Prime Minister spoke recently at a business breakfast meeting co-hosted by Kina Bank and the Business Council of PNG, which was attended by representatives of the country's business community.
The Prime Minister presented a picture of the gradual expansion of the economy from K300 million in 1975 to one that is currently pushing over the K100 billion mark in 2022, while underlining the "robustness of our democracy" that has contributed to PNG's current business-operating atmosphere.
“In 1975, our economy was a small one of K300 million. (In) 2008, it was up to K40 billion. By the time we started this business breakfast in 2013, and as a result of PNG LNG construction, we emerged to a K70/K80 billion economy by 2013/2014, and when we took office in 2019, we were a K90 billion economy.
“Today, for the first time in our nation’s history, our economy is pushing past K101 billion. (This) is a landmark sign that our country is a country of growth and opportunity.
“That to me, is the indication that the foundations and fundamental tenets of our country still remain strong, spelling the robustness of our democracy in spite of many speculations (to the contrary),” said the Prime Minister.
He predicted that Papua New Guinea will expand even more in the next five years, citing important national projects such as Papua LNG and P'nyang, which are expected to start building soon.
PM Marape also mentioned the Wafi-Golpu and Porgera mines, which he stated should be operational within the next five years, the most recent of which is Porgera, whose re-opening talks are in the last stages of landowner discussions.
“So a lot of activity is happening in the extractive industry space. I pay my commendation to all our investors who have interest in our oil and gas, and mining spaces,” he said.
PM Marape reassured investors that "PNG is the perfect location to invest" and urged them to keep their enterprises functioning in the nation.
Since entering office, he has pushed for economic diversification, particularly in the renewable resources sector, and has urged investors to join the government in downstream processing in the forestry, fishery, and agriculture sectors.
The offer remains open, according to the Prime Minister, and the government would welcome commercial collaborations in this field.
Reference: Department of Prime Minister and National Executive Council (2 February 2022). “PNG A Country Of Growth And Opportunity: Pm Marape Tells Investors”.
