Corporate Giants Commit K50 Billion in Long-Term Investments in PNG
Papua New Guinea is set to receive major development projects worth approximately K50 billion (US$20 billion) over the next five years, according to Prime Minister James Marape. This follows investment commitments made by global corporate giants, including ExxonMobil, TotalEnergies, Newcrest Mining, and Newmont Corporation, at the World Economic Forum in Davos, Switzerland, last week.
 |
| Prime Minister James Marape |
Speaking after the forum, Marape described it as a unique opportunity to engage with leaders of some of the world’s most influential organizations. "It was a rare chance to meet and discuss the future of Papua New Guinea as an investment destination," he said. He revealed that ExxonMobil and TotalEnergies plan to expand their investments in PNG, with Total committing K800 million to K1.2 billion (US$200 million to US$300 million) for exploration activities in Central Province this year.
Marape noted that these companies expressed confidence in PNG’s economic stability and growth. "Their strong confidence underscores the potential of our nation as a resource-rich economy strategically located near major markets in Southeast Asia, China, and India," he added. PNG’s membership in ASEAN-related frameworks was also highlighted as a key factor in attracting investments.
During the forum, Marape engaged with other major players in the oil, gas, and mining sectors. He reported that discussions reinforced commitments to large-scale projects, including Papua LNG, P’nyang LNG, and Wafi-Golpu. These projects, valued at over K50 billion, are expected to significantly boost PNG’s economy over the next five years. "This is a testament to the confidence global investors have in our resources and economy, positioning PNG as a key player in global energy and resource markets," Marape said.
The forum also allowed Marape to emphasize PNG’s transition towards becoming a hub for manufactured goods and downstream processing. "We aim to move beyond exporting raw resources by establishing special economic zones and fostering partnerships with global investors," he stated. The Prime Minister highlighted the country’s goal of producing finished goods for export to Southeast Asia and other international markets.
Also read
Post a Comment