By: PNG Business News March 13, 2023

Photo: James Marape

The Department of Commerce & Industry has finalized the NEC Policy Submission on the Gold Bullion Policy and has submitted it to the NEC for endorsement. The Gold Bullion Policy is an initiative of the Marape-Rosso Government to ensure our non-renewable and renewable resources are properly harnessed to increase revenue streams to support our national budget, grow our rural economy and improve the quality of life for our people.

The Government requires a vibrant and competitive national gold bullion program to support its macroeconomic and fiscal policy functions which will grow and sustain our economy and create wealth for the nation.

The submission in essence brings to reality the Government’s commitment to industrialize and downstream process of natural resources to add value to PNG’s primary commodities including gold and precious minerals, oil and gas, agriculture, forestry and fisheries products, which is an integral part of our policy directive deemed as ‘Take Back PNG, said Prime Minister James Marape.

“I am therefore greatly honored to announce this milestone National Gold Bullion Policy developed by my government to charter a new direction for the gold bullion industry particularly to add value through downstream processing and manufacturing.

“In view of the above, I call upon all relevant stakeholders to support the Department of Commerce and Industry, Department of Treasury, Department of Mining, Bank of PNG and Mineral Resources Authority to mention a few, to take full ownership of this policy and support its implementation,” the Prime Minister said.

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