Prime Minister Hon. James Marape emphasised his government’s strategic focus on building a resilient, inclusive economy as Papua New Guinea approaches its 50th year of independence, as the highly anticipated PNG Investment Week Conference 2024 drew to a close at the Sydney International Convention Centre (ICC Sydney) on Dec. 11.
The event, organized by the PNG Chamber of Resources and Energy (PNG CORE), drew over 2,000 delegates from more than 20 participating countries. It showcases PNG's vast investment potential across key sectors including mining, energy, banking, forestry, fisheries, and tourism.
The Prime Minister led the cast of more than 90 speakers and over 80 exhibitors at PNG Investment Week. In his address, he highlighted transformative policies aimed at fostering sustainable economic growth, strengthening international partnerships, and enhancing local benefits from resource projects.
“The PNG Investment Week Conference is more than just an event; it is a declaration of our commitment to building a resilient and inclusive economy,” he said.
“We are taking bold steps to ensure Papua New Guineans reap greater rewards from major resource projects while advancing downstream processing of our vast resources.”
Marape outlined progress in PNG's resource sector, spotlighting key projects such as New Porgera Ltd, Ok Tedi, PNG LNG, and future ventures including Papua LNG, Wafi-Golpu, Pasca, and Wildebeest.
He acknowledged the contributions of global industry leaders like ExxonMobil, TOTAL, Santos, and Barrick Gold Corp., emphasizing the mutual benefits of strengthened business partnerships.
“Global giants recognize the vast potential of Papua New Guinea. This includes opportunities in both upstream and downstream processing that will further unlock our economic potential. PNG is open for business and poised for transformative growth,” he said.
The Prime Minister Marape stressed the need for a stable business environment and his government’s commitment to improving law and order, boosting infrastructure, and supporting tourism.
He announced significant budget allocations through the 2025 National Budget to strengthen these areas, ensuring PNG remains an attractive and secure destination for investors.
PNG Investment Week 2024 started on Dec. 6, featuring networking events, policy discussions, and sector-specific forums. Delegates gained valuable insights into PNG’s economic outlook, regulatory framework, and green energy strategies.
“This conference symbolizes progress and collaboration. It is a platform to strengthen ties with our partners and demonstrate to the world that PNG is ready for investment,” Marape said.
“Together, we can build a brighter future for all Papua New Guineans.”
Apart from the conference, the event included:
- PNG Investment Conference Golf Challenge
- PNG International Suppliers Forum
- Expo and Gala Dinner
