PORT MORESBY – Prime Minister Hon. James Marape has commended Eliseo Investment Limited for its significant investment in Papua New Guinea, describing the opening of the Eliseo Premium Hohola complex as a strong vote of confidence in the country’s growing economy
Speaking on Tuesday (17 March 2026) evening during the official grand opening and ribbon-cutting ceremony in Hohola, Prime Minister Marape congratulated the company’s leadership, shareholders, and staff for delivering a modern retail development that is already creating jobs and stimulating economic activity.
“I want to thank the Eliseo Group, its shareholders, and all partners and staff who have made this investment possible. This is a strong statement of confidence in our country,” Prime Minister Marape said.
The Prime Minister reflected on Hohola’s historical significance, describing it as one of the birthplaces of Papua New Guinea’s independence movement.
“Hohola is not just any suburb,” he said. “Just a few blocks from here stood the home of Sir Maori Kiki and Lady Elizabeth Kiki, where in the mid-1960s young leaders gathered in a simple kitchen, sharing meals of bully beef and discussing the future of our country.
“These gatherings became known as the ‘Bully Beef Club’, and from there the ideas were born that led to the formation of Pangu Pati in 1967 and ultimately our Independence in 1975.
“At that time, many of our people lived in small homes here in Hohola, while others lived in much bigger houses in places like Boroko. That contrast stirred a determination in our leaders—they said we must be masters of our own destiny.
“So, when we stand here today, opening one of the most modern retail developments in this same suburb, it symbolises how far our country has come—from humble beginnings and struggle, to growth, confidence, and opportunity.
“This development reflects the aspirations of our nation over the last 60 years—from pre-Independence to where we are today as a growing economy.”
Prime Minister Marape highlighted Papua New Guinea’s economic progress over the decades, noting that the country is on track to reach a K150 billion economy by the end of 2026.“We started from a very small base, but today our economy is expanding rapidly. Importantly, the non-mining and petroleum sector is now the largest contributor, driven by retail, agriculture, construction, and services,” he said.
He emphasised that developments such as the Eliseo Premium Hohola complex demonstrate the strength of the domestic economy and the growing role of the private sector.
“This is where real economic activity happens—in shops, in businesses, in services that employ our people every day.”
Prime Minister Marape also acknowledged the resilience of investors who continued expanding during the COVID-19 period.
“When others were uncertain, you chose to invest. That faith in our country is what drives growth,” he said.
The Prime Minister noted that the company has invested close to K100 million and is employing more than 2,000 Papua New Guineans across its operations, with hundreds working at the Hohola complex alone.
“This is the kind of partnership we value—investors who believe in Papua New Guinea and grow with us.”
Looking ahead, Prime Minister Marape outlined major economic opportunities on the horizon, including Papua LNG, Wafi-Golpu, and other resource projects, alongside continued expansion in agriculture and services.
He also pointed to the anticipated economic impact of Papua New Guinea’s entry into the NRL competition from 2028.
“That will bring more visitors into our country every week. We must prepare—more hotels, more transport, more restaurants, and more opportunities for our people,” he said.
Prime Minister Marape reaffirmed the Government’s commitment to improving law and order, infrastructure, and essential services to support business.
“I call on our law enforcement agencies to ensure our capital city remains safe, modern, and business-friendly. Port Moresby must be a city we can all be proud of.”
He also signalled future tax reforms aimed at encouraging reinvestment.
“As we grow towards a K200 billion economy, we will look at reducing corporate tax to below 20 percent to support business expansion and reinvestment.”
Prime Minister Marape concluded by encouraging both local and international investors to continue investing in Papua New Guinea.
“It does not matter where you come from—if you believe in this country, respect our laws, honour our people, and partner genuinely with local businesses, then you have a place in Papua New Guinea,” he said.
“We welcome those who come with integrity, who recognise our national interests, and who are committed to growing alongside our people. Invest here, grow here, and prosper with Papua New Guinea.”