Papua New Guinea continues to host some of the biggest companies in the world and remains as a robust place for in-vestment and business.
Prime Minister Hon. James Marape said this today as he addressed the 2024 Business Advantage PNG Investment Conference at the Brisbane Convention Centre in Brisbane, Australia.
Firstly apologizing for being unable to attend the conference in person because of very busy work schedule, the Prime Minister addressed the gathering online and carried on his advocacy for PNG as an investment destination.
He said, “Papua New Guinea continues to remain as an investment hub. We have a huge potential remaining untapped in Agriculture, Tourism, the expansion of small businesses (SME).
“We continue to host companies such as Steamships Trading long-term who have been year for more than a hundred years.
“Some of the world’s biggest companies have invested and remain here. BarrickGold(Canada),
Newmont(USA), ExxonMobil(USA), TotalEnergies(France),
Santos(Australia), Telstra(Australia), JX Nippon (Japan), and Toyota (Japan) continue to invest in Papua New Guinea.
“This demonstrates our potential for long-term heavy investment.”
The Prime Minister continued by highlighting to the investors Papua New Guinea’s connections to markets through its existing membership on regional and multilateral bodies such as the Asia Pacific Economic Cooperation (APEC), Association of South East Asian Nations (ASEAN), Pacific Island Forum (PIF); and its bilateral relationshipswith the United States of America, China, Japan, South Korea, and Indonesia for ease of market access and trade.
He said while there has been a big spate of movement in the minerals and gas sectors, agriculture, forestry, fisheries, and tourism continue to remain untapped, and invited Australian investors to explore these areas in PNG.
The Prime Minister pointed out the development of Special Economic Zone initiatives in Port Moresby, Lae, Madang and Manus as further platforms for investment.
He then highlighted the efforts his government was undertaking in developing enabling infrastructureto support investors, mentioning particularly the Connect PNG Programme and the construction of roads, bridges, wharves, airports and airstrips, powerlines, and telecommunication lines through this flagship programme.
The Prime Minister acknowledged challenges PNG is facing in Law & Order but assured the Australian audience of continuing government efforts in addressing these challenges through an upgrading of the police and judiciary in their policing and dispensation of justice.
“We are expanding police manpower through additional recruitment. We are adding an appeals court in to the court structure for better arbitration. We have increased the ceiling for judges and empowering the magisterial services with more financing.
“Our Central Bank has an independent monetary policy which we are working to align with the government’s fiscal policy, as we continue to address the Forex issues,” said PM Marape.
The Prime Minister concluded his remarks by thanking Australian investors who continue to invest in the country.
“Papua New Guinea remains as a firm place for Australian investment and I invite many more to come in,” he said.
