Prime Minister James Marape met with Japan Organisation for Metals and Energy Security (JOGMEC) Chairman and Chief Executive Officer Takahara Ichiro to discuss trade relations and investment opportunities between the two countries.
The meeting focused on strengthening bilateral relations, with particular emphasis on trade, natural resources, investment opportunities, clean energy and battery technology.
Prime Minister Marape proposed a trade relationship between PNG and Japan, where both countries would exchange goods and services with minimal tariffs, leveraging PNG’s abundant natural resources, including minerals and energy.
Marape invited Japanese companies to invest in PNG, particularly in downstream processing and manufacturing, highlighting the country’s carbon-negative status and significant capacity for clean energy production, including hydro, solar, and geothermal power. He also encouraged Japanese companies to explore research and development in battery technology, which could be used to store and transport clean energy.
A strengthened trade relationship between PNG and Japan could lead to increased investment and trade between the two countries. PNG’s clean energy resources and carbon-negative status make it an attractive location for companies seeking to invest in renewable energy.
The discussions on downstream processing highlighted PNG’s natural resources and strategic location, making it an ideal base for value-added processing and manufacturing.
However, challenges such as infrastructure development and the need to strengthen the regulatory framework must be addressed to support increased investment and trade. The country’s regulatory framework may require improvements to ensure a stable and predictable business environment.
Prime Minister Marape emphasised his government’s commitment to modernising the court system, introducing international arbitration, and establishing an independent and functional national court system to handle any disputes that may arise.
“We are restructuring our economy to make sure that the characteristics of a free-market economy remain the bigger and best business in the country,” he said.
The Prime Minister expressed enthusiasm for closer cooperation with JOGMEC and welcomed their support in promoting business opportunities in PNG.“I am looking forward to your support as your advocate in the business communities, and I want to give you my full commitment,” he said.