PNG PM assures foreign investors of the country's economic growth

The Papua New Guinea Prime Minister James Marape has assured the Papua New Guinean business community and foreign investors of the continuing growth of the country’s economy, while projecting the next five years to see even more of this growth take place as major national investment projects kick into full operation within this time.

The Prime Minister was speaking today at the business breakfast meeting jointly sponsored and hosted by Kina Bank and The Business Council of PNG, and attended by members of the business community in the country.

While once again highlighting the “robustness of our democracy” that has contributed to PNG’s current business-operating climate, the Prime Minister painted a picture that tells of the steady increase of the economy from K300 million in 1975 to one that is now pushing past the K100 billion mark in 2022.

“In 1975, our economy was a small one of K300 million. (In) 2008, it was up to K40 billion. By the time we started this business breakfast in 2013, and as a result of PNG LNG construction, we emerged to a K70/K80 billion economy by 2013/2014, and when we took office in 2019, we were a K90 billion economy.

“Today, for the first time in our nation’s history, our economy is pushing past K101 billion. (This) is a landmark sign that our country is a country of growth and opportunity.

“That to me, is the indication that the foundations and fundamental tenets of our country still remain strong, spelling the robustness of our democracy in spite of many speculations (to the contrary),” said the Prime Minister.

PM Marape said he sees more growth in the next five years for Papua New Guinea, as he pointed out major national projects, Papua LNG and P’nyang, which are poised to go into construction within this time.

PM Marape also pointed out the Wafi-Golpu and Porgera mines, which he said, should also come on-stream within the five years, immediate of which is Porgera, whose re-opening negotiations are at landowner discussions-stage and nearing completion.

“So a lot of activity is happening in the extractive industry space. I pay my commendation to all our investors who have interest in our oil and gas, and mining spaces,” PM Marape said.

PM Marape reassured investors that “PNG is the right place for investment” and encouraged them to continue operating their businesses in the country.

He said since taking office he has been pushing for economic diversification especially in the renewable resources sector and has been calling on investors to partner with the Government to venture into downstream processing in forestry, fisheries and the agriculture sectors.

The Prime Minister said the invitation is still open and the Government will welcome partnerships with the business community in this area.

Media statement/One PNG News

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