Photo credit: Rocky Roe - PM Marape addresses the forum
Prime Minister James Marape claims that Papua New Guinea is a good location to invest.
The Prime Minister recently spoke at the 37th Australia-Papua New Guinea Business Forum and Trade Expo in Brisbane.
“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 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 an 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.
The government's commitment to the business environment, he stated, includes:
- IMPROVING the ease of doing business;
- MODERNISING tax systems, with an emphasis on downstream processing and incentives for priority industries in special economic zones;
- THE 'Connect PNG' Policy, which connects highways to seaports and airports, is modernising infrastructure.
- POWER AND TELECOMMUNICATIONS PROVISION; and
- A JUDICIARY THAT IS FUNCTIONAL AND EFFECTIVE.
Reference: The National (25 May 2022). “Invest in PNG: Marape”.
