Speaking during the recent 37th Australia-Papua New Guinea Business Forum and Trade Expo in Brisbane, Prime Minister James Marape urged invited foreign investors to consider PNG as an investment destination.
“To attract and lock in investments, we are opening
up special economic zones that offer incentives like free trade, tax holidays and other concessional investments,” he said.
“My generation of leaders are aware of opportunities in trade for the benefit of our 10 million people in our Apec, Asean and Pacific neighbourhood.
“The world close to PNG in the Asia-Pacific needs food, energy, and other finished products from our forests, land, and seas.
“We want to value-add to our resources so we are looking for partners in agriculture, fisheries, forestry, oil, gas, and mining.
“Downstream processing is the way to go.
“I call on this august business forum to keep on investing in PNG or come and pick up a business address in PNG.
“As a vote of confidence in PNG’s economy, we saw recently Australian companies invest big in PNG, like Telstra which acquired Digicel and Fortescue Future Industries.”
Marape said the merger of Santos and Oil Search was a a pivotal moment in potentially forging closer ties between Australia and PNG.
“Although it was sad to see a PNG company such as Oil Search go, we have our very own Kumul Petroleum in the oil and gas industry in PNG and my hope is that Santos follows through on the ‘national interest expectations’,” he said.
“We look forward to Santos and Kumul Petroleum doing equity sell down transaction and this will create a strong relationship between the two companies.
“Those of you who have been in PNG know that while we have issues of law and order, and systematic impediments such as infrastructure deficiencies, those who remain as businesses in PNG continue to make profits.”
Marape stated that the government will work to remove barriers to business and make it simpler to do business in PNG.
Photo Credit: Rocky Roe
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