Photo credit: Rocky Roe - Marape at the 37th Australia-Papua New Guinea Business Forum and Trade Expo
Prime Minister James Marape claims that undeveloped resource projects will deliver roughly K200 billion into the country's GDP.
As a result, he urged investors to keep investing in the nation.
Marape said this in Brisbane at the 37th Australia-Papua New Guinea Business Forum and Trade Expo.
“I want to assure you all that despite our diversity of cultures, opinions, politics, etc…, our strong Christian and democratic values have kept our country functional to date and we will remain a robust democracy going into the future,” the Prime Minister told the forum.
“PNG remains a good place for doing business.
“Yes, I admit we have our fair share of problems, but we leaders of today are being responsible and are working to fix those weaknesses and deficiencies.
“For instance, my Government passed the Independent Commission Against Corruption (Icac), the Whistleblowers Act and the Undisclosed Wealth Bill to assist the fight against corruption in our endeavour to build a stronger law-abiding economy.
“If one LNG project construction and production can double the size of our economy from 2011 to 2018, think about what the other projects will do to my country Papua New Guinea?
“We are working with Barrick and landowners to reopen the Porgera gold mine this year.
“We have already signed an agreement with ExxonMobil to sequence P’nyang LNG construction after Papua LNG construction is complete around 2028, which will see eight consecutive years of construction dollar inflows from 2023 to 2032.
“This will give PNG a four-train LNG production capacity up to the year 2060.
“The mega gold and copper Wafi-Golpu project is almost near project negotiations.
“We also have the smaller gas and mining fields that are being worked on as we speak.
“These will all tilt the economic pendulum past the K200 billion mark within this decade.”
Reference: The National (26 May 2022). “Resource projects to bring K200bil, says Marape”.
