BY LYNETTE KIL
DESPITE losing millions of kina on the “ugly Wednesday”, a long-term investor, CPL Group of Company, is willing to remain in Papua New Guinea and rebuild their business together with Papua New Guineans.
CPL Chief Executive Officer Mr. Narvin Raju (pictured) says although there are challenges, including the recent civil unrest, they are here to stay and rebuild.
“We (CPL) have faith in the people of PNG, they are resilient, resourceful and greatest assets, and investing in their development is investing in the nation’s future.
“We believe in building a strong and sustainable economy that benefits both investors and local communities,” Raju said.
He highlighted that the company has long-term vision and is not here for quick profits, but to build a lasting partnership with PNG government, contributing to its economic and social progress.
Mr. Raju added that CPL is not a foreign company but a PNG listed public company.
He also expressed concerns on challenges faced by investors, especially in bureaucracy, security and infrastructure levels including communication, power supply and transportation.
“Navigating administrative procedures can be complex and time consuming and riddled with corruption.
“Streamlining process could attract more investors and improvement in skill gap by investing in human capital development is crucial to meet the needs of growing industries,” Raju expressed.
“Despite these challenges the greatest benefit this country offers is the vast mineral oil and gas reserves along with fertile land and diverse ecosystems offering immense potential for sustainable development,” he added.
Mr. Raju said the domestic market is expanding rapidly, creating lucrative opportunities for various sectors’ cultural richness.
“PNG’s unique culture and diverse communities present exciting opportunities for ethical and responsible business practices,” Raju said.
