Prime Minister Hon. James Marape, MP, today officially opened the 2026 Papua New Guinea Business & Investment Conference in Brisbane, Australia, calling on Papua New Guinean businesses, international investors, financial institutions and development partners to work with Government to drive the country’s next phase of economic growth.
The Prime Minister said the Conference comes at an important point in Papua New Guinea’s history as the country moves beyond 50 years of Independence and begins defining the economic foundations for the next generation.
In opening the Conference, Prime Minister Marape reflected on the significant expansion of Papua New Guinea’s economy and the National Government over the past five decades.
Conference material shows that the National Government budget has expanded from under K300 million around Independence in 1975 to K30.91 billion in the 2026 fiscal year, demonstrating the enormous transformation in the scale of Government and the national economy.
The economic presentation also traces PNG’s development through several distinct periods — from the early post-Independence economy and the economic challenges and reforms of the 1990s, through the resource and LNG expansion of the 2000s and 2010s, to the pandemic and subsequent recovery of the 2020s.
Prime Minister Marape said PNG must now use the lessons of the past 50 years to build a more productive, diversified and increasingly Papua New Guinean-owned economy.
“The first 50 years established our political independence and built the institutions of our nation. Our task now is to strengthen our economic independence.”
“We must convert the wealth beneath our land, in our forests, seas and agriculture, and most importantly the potential of our people, into businesses, industries, employment and lasting prosperity.”
Prime Minister Marape used the Conference to send a strong message to domestic and international investors that Papua New Guinea welcomes responsible, long-term investment.
He said Government’s role is to establish the infrastructure, policies and regulatory environment that enable businesses to invest with confidence, while the private sector must drive enterprise, innovation, production and employment.
“Papua New Guinea is open for business, and we welcome credible investors who are prepared to grow with our country and partner with our people.”
“Bring your capital, technology, expertise and markets. Establish industries here, employ Papua New Guineans, transfer skills and partner with our local businesses.”
The Prime Minister stressed that PNG must progressively move beyond simply exporting raw commodities.
He called for greater investment in downstream processing, agriculture and agribusiness, fisheries, forestry, mining and petroleum services, manufacturing, tourism, construction, logistics, energy, financial services and the digital economy.
The Conference also highlighted the strengthening of Papua New Guinea’s domestic revenue base.
Figures presented at the Conference show that Internal Revenue Commission total collections increased from approximately K2.87 billion in 2004 to K18.13 billion in 2025.
Prime Minister Marape said increasing domestic revenue must ultimately come from growing the economy rather than simply increasing the burden on existing taxpayers.
That means creating more businesses, more formal employment, more exports, more investment and bringing more Papua New Guineans into productive economic participation.
“We want our people to move from being spectators in the economy to becoming participants — workers, entrepreneurs, business owners, shareholders and investors.”
Prime Minister Marape acknowledged that investors continue to face challenges, including infrastructure constraints, access to reliable energy, foreign exchange, access to finance, land mobilisation, regulatory processes and the cost of doing business.
He said Government must continue addressing these structural constraints while maintaining fiscal discipline and investing in the infrastructure necessary to unlock economic opportunities throughout the country.
The Prime Minister called for closer cooperation between Government, banks, superannuation funds, major corporations and Papua New Guinean SMEs to mobilise domestic capital and expand opportunities for local businesses.
He particularly encouraged greater participation by women, young entrepreneurs, provincial businesses, customary landowners and SMEs in major economic projects.
Prime Minister Marape concluded his opening address by challenging delegates to use the Business & Investment Conference not merely as a forum for discussion, but as a platform for forming partnerships and converting investment opportunities into real projects.
“Our resources must become industries. Our industries must create jobs. Jobs must create household income and savings. Savings must become investment, and investment must build stronger Papua New Guinean businesses.”
“The Government cannot build this economy alone. The private sector cannot do it alone. Our people and investors must work together.”
“As we begin our journey into the next 50 years, I invite Papua New Guineans and our international partners to invest with confidence, build with our people and participate in the enormous opportunities our country offers.”
The Prime Minister then officially declared the 2026 Papua New Guinea Business & Investment Conference open, marking the beginning of discussions between Government, industry and investors on opportunities to accelerate investment and build a stronger, more inclusive and increasingly Papua New Guinean-owned economy.