Papua New Guinea’s economic outlook, investment opportunities and long-term development priorities took centre stage during a business breakfast session hosted at the Royal Papua Yacht Club in Port Moresby on Wednesday, May 20, where leading economists and private sector representatives discussed the country’s future through a “Five Ps” framework — Petroleum, Policy, Projects, Produce and Partnerships.

The session featured ANZ PNG & Pacific Economist Dr Kishti Sen, who delivered a presentation outlining the major economic forces shaping PNG’s future. A high-level panel discussion also brought together Deloitte PNG Managing Partner Herbert Maguma, ANZ PNG Country Head Andrew Betteridge, Port Moresby Chamber of Commerce and Industry (POMCCI) President Rio Fiocco, and Dentons Partner Wavie Leki.

Organisers from POMCCI described the event as a forward-looking discussion focused on the opportunities, challenges and priorities facing PNG. Strong participation from members of the business community reflected continued private sector engagement in the country’s economic direction.

Petroleum and global energy risks

A key topic during the presentation was the impact of global petroleum market volatility and ongoing geopolitical tensions on PNG’s economy.

Dr Sen outlined ANZ Research scenarios relating to instability in the Middle East and the Strait of Hormuz, a critical global oil shipping route. Under ANZ’s base-case scenario, a US-Iran agreement would reopen the Strait by June, easing oil prices to below US$100 per barrel while still leaving a geopolitical risk premium in place.

However, ANZ warned that prolonged conflict could trigger major global supply disruptions, potentially pushing oil prices towards US$200 per barrel if international stockpiles are exhausted and infrastructure damage in the Persian Gulf region worsens.

The presentation noted that fuel supply in PNG remains secure for now, although stakeholders were encouraged to prepare for worst-case scenarios, including possible fuel rationing if global disruptions intensify.

Government fuel interventions under scrutiny

The “Policy” component of the framework examined government measures aimed at cushioning consumers from sharp increases in fuel prices.

According to the presentation, the PNG government introduced a PGK1 billion fuel stabilisation package to absorb rising costs for petrol, diesel and kerosene. Data presented showed that between March and April 2026, fuel prices rose sharply before government intervention, with petrol prices increasing by K1.70 per litre, diesel by K3.25 and kerosene by K3.35.

To offset these increases, the government removed GST and fuel excise taxes while also introducing direct subsidy payments to fuel importers.

The combined measures effectively returned fuel prices to March levels, with revised April retail prices set at K4.39 for petrol, K4.44 for diesel and K4.09 for kerosene.

Despite the intervention, the presentation questioned the long-term sustainability of the measures, particularly as the Papua New Guinea kina continues to weaken against the US dollar.

Resource projects and local economic benefits

Discussions also focused heavily on major resource projects and the broader economic contribution of PNG’s mining and petroleum sectors.

ANZ Research data presented during the session showed that PNG’s resource sector continues to generate significant value across the wider economy through direct and indirect employment and business activity.

The presentation estimated that the oil, gas and mining sectors collectively support more than 96,000 formal-sector jobs through direct, first-round and secondary economic effects.

Figures presented showed that oil and gas extraction contributes nearly one kina in economic value for every kina of final demand, while mining delivers similar multiplier effects through indirect economic activity.

Discussion under the “Projects” pillar centred on maximising local participation, ensuring broader economic benefits from resource developments and creating stronger linkages between large-scale projects and domestic industries.

Calls to expand agricultural production

Under the “Produce” pillar, Dr Sen highlighted growing global demand for PNG’s agricultural exports and the need to expand downstream processing capacity.

The presentation noted that high commodity prices are encouraging increased planting activity, with more agricultural seedlings now being planted across the country.

However, several constraints continue to limit PNG’s ability to maximise export earnings, including inadequate downstream processing facilities and infrastructure that is not designed to handle high export volumes.

Participants heard that improving processing capability will become increasingly important as upstream agricultural production expands. The discussion also reinforced the importance of agricultural diversification and value-adding industries as PNG seeks broader-based economic growth beyond the extractive sector.

Trade partnerships driving market access

The final pillar — “Partnerships” — focused on PNG’s growing trade relationships with regional and international markets, particularly across Asia.

ANZ Research data showed Australia remains PNG’s largest trading partner, with trade flows valued at more than PGK25 billion.

Other major trading partners identified during the session included Japan, China, Singapore, the United States, South Korea, Taiwan, Malaysia, Germany and the Netherlands.

Speakers noted that strengthening partnerships with Asian economies is opening new export opportunities for PNG businesses and producers, while regional cooperation remains critical to long-term economic resilience.

Private sector engagement remains strong

The breakfast session also featured discussions on investment confidence, leadership, policy certainty and the importance of collaboration between government and the private sector.

Panel members shared perspectives on the country’s operating environment, business confidence, financial systems, legal frameworks and the role of institutions in supporting sustainable economic growth.

POMCCI said the strong attendance from Chamber members demonstrated continued interest from the business sector in PNG’s economic outlook and future development priorities.

The event concluded with renewed emphasis on the importance of partnerships, policy consistency and long-term planning in unlocking PNG’s economic potential.

Papua New Guinea has signed a Framework Agreement on Enhanced Economic Partnership with China, paving the way for deeper bilateral trade cooperation and future negotiations on a potential free trade agreement between the two countries.

The agreement was signed on May 21 in Suzhou, China, by Papua New Guinea Minister for International Trade and Investment Richard Maru and Chinese Commerce Minister Wang Wentao during the Asia-Pacific Economic Cooperation, or APEC, Ministers Responsible for Trade Meeting.

In a joint statement, both sides said the agreement reflected their commitment to further strengthening and elevating China–Papua New Guinea economic and trade relations under their Comprehensive Strategic Partnership Featuring Mutual Respect and Common Development.

The two countries also acknowledged the completion of a Joint Feasibility Study on a possible free trade agreement, saying the report would serve as an important reference for future trade negotiations and practical cooperation initiatives.

Under the framework agreement, both parties agreed to launch subsequent module negotiations “as soon as possible” and explore new opportunities to expand bilateral economic and trade cooperation.

Both governments said any future trade agreement should be mutually beneficial and take into account the differing levels of development between the two countries.

The statement said future negotiations would aim to be fair, transparent and reflective of the respective needs and capacities of both parties.

China also recognized Papua New Guinea’s trade capacity needs identified in the Joint Feasibility Study, with both sides committing to pursue “pragmatic outcomes” in future practical cooperation.

The two countries further agreed to align development strategies, expand cooperation across areas of mutual interest, and promote the liberalization and facilitation of trade and investment.

They also pledged to strengthen coordination and collaboration under multilateral frameworks including the United Nations and APEC.

Australia has announced a major new push to support Papua New Guinea’s telecommunications and digital infrastructure sector, with Australian Minister for Pacific Island Affairs Pat Conroy outlining plans aimed at accelerating economic growth, expanding business opportunities, and improving nationwide connectivity in PNG.

Speaking at the 41st Australia Papua New Guinea Business Forum and Trade Expo on May 20, 2026, Conroy said digital connectivity would play a critical role in PNG’s long-term economic transformation, with improved telecommunications infrastructure expected to drive investment, reduce business costs, expand financial inclusion, and create tens of thousands of jobs.

The minister said PNG stood to gain significantly from investment in digitisation and telecommunications reform, citing projections that effective digital transformation could lift the country’s GDP growth to more than 4.5 percent between now and 2035.

According to figures outlined in his speech, this could contribute an additional K85 billion to the economy, create more than 130,000 jobs, and support the establishment of over 45,000 new businesses.

Conroy said widespread and affordable internet access had the potential to double PNG’s non-mining growth rate while transforming economic activity across all 22 provinces.

“We know that for PNG, investing in effective digitisation could elevate GDP growth to over 4.5 percent between now and 2035, adding K85 billion to the economy, driving the creation of more than 130,000 jobs and over 45,000 new businesses,” he said.

He described telecommunications infrastructure as essential for development rather than a luxury, saying affordable and reliable internet services were now fundamental to education, healthcare, trade, investment, financial services, and business operations.

“Connectivity supports businesses, industries, and jobs, and helps inform, engage, and empower people,” Conroy said.

The Australian minister highlighted the significant digital access challenges currently facing PNG, emphasising that only around 36 percent of the population has consistent mobile coverage, while internet penetration remains at approximately 32 percent, largely concentrated in Port Moresby and Lae in Morobe Province.

He said PNG’s internet penetration lagged behind every ASEAN and Pacific neighbour, while internet access costs were among the highest globally relative to income levels, placing services beyond the reach of more than 80 percent of the population.

“High service costs, plus expensive installation and maintenance costs, further limit access and industry development,” he said.

Despite those challenges, Conroy said improved connectivity could unlock substantial economic and entrepreneurial potential across PNG, particularly in rural and regional areas.

He reflected on visits to marketplaces in locations including Wewak and the Highlands, where he witnessed what he described as the strong entrepreneurial spirit of Papua New Guineans.

“I’ve seen the spirit of business that is there and that needs to be harnessed by giving connectivity to the people,” he said.

“When it’s done well, it drives development. It reduces the divide between cities and rural areas, and it reduces costs for businesses.”

Telecommunications blueprint launched

A major announcement during the forum was the launch of the Telecommunications Blueprint process, a joint PNG-Australia initiative first agreed to during the Australia-PNG Ministerial Forum in Canberra last year.

The blueprint is intended to provide a long-term roadmap for building a “connected, digital-ready nation” by identifying reforms, investment priorities, and regulatory measures needed to improve access, lower telecommunications costs, and strengthen cyber resilience.

Conroy said the initiative would support digital growth across sectors including health, education, tourism, and trade, while helping PNG maximise the value of data capacity provided through the Australian-funded Coral Sea Cable.

The blueprint process will be led by former Australian Competition and Consumer Commission chair Professor Rod Sims AO alongside PNG Department of Information and Communications expert adviser Jack Tomon.

Conroy said Australia would provide a “complete package of support” to PNG, including additional assistance for capital expenditure and support in strengthening market settings and regulatory structures.

He noted that Australia’s own experience demonstrated that achieving universal connectivity, particularly in remote areas, required close cooperation among governments, regulators, and the private sector.

The minister also highlighted the potential role of low-earth-orbit satellite technology in improving internet access in PNG alongside subsea cables and terrestrial telecommunications networks.

“That’s what the Blueprint is all about: how technology, business, government, and regulators can all work together to maximise connectivity,” he said.

New “Pukpuk” connectivity initiative announced

As part of broader digital infrastructure cooperation, Conroy announced that PNG and Australia would progress work on exploring additional secure internet cable connections into Port Moresby through what Acting PNG ICT Minister Peter Tsiamalili Jr. has named the “Pukpuk Digital Connectivity Initiative.”

The proposed initiative is expected to build on the Coral Sea Cable infrastructure and strengthen PNG’s international data connectivity capacity.

Conroy said any future investment under the initiative would add to the approximately A$2.5 billion Australia has already invested in digital connectivity projects in PNG.

He further noted that Australia’s Infrastructure Financing Facility for the Pacific had committed more than A$1 billion to PNG’s critical infrastructure projects since 2019.

“These projects will in turn help grow PNG’s development, trade, investment, and our broader economic partnership,” he said.

Beyond telecommunications infrastructure, Conroy linked digital access to broader social and commercial opportunities, including increased participation in sports, education, and professional industries.

He referenced PNG’s planned entry into the National Rugby League competition in 2028, saying affordable internet access would allow people in rural and remote communities to follow the PNG Chiefs and access wider opportunities connected to sport and sports administration.

The minister also used the forum to emphasise the evolving strategic and economic relationship between PNG and Australia following the signing of the PNG-Australia Mutual Defence Treaty and broader bilateral alliance arrangements last year.

He described the agreement as Australia’s first alliance since the ANZUS Treaty more than 70 years ago and PNG’s first alliance with another country.

Conroy said the relationship between the two nations was increasingly focused on practical economic opportunities in trade, investment, infrastructure, and digital development.

“The underpinning principle among all this is, yes, we make investments based on the priorities of the PNG government,” he said.

“The PNG government is putting skin in the game. The PNG government, under wise budget management, is making investments, and Australia is pleased to be a partner and supporter of what the PNG government says are its priorities.”

“This is a partnership of equals — a partnership of equals that is now a partnership of allies.”

Prime Minister James Marape has invited French investors, financiers and technology firms to expand into Papua New Guinea as the country positions itself for long-term growth driven by energy, infrastructure and industrial development.

Speaking during a high-level meeting hosted by MEDEF International in Paris, Marape told representatives from major French companies that PNG was entering a new phase of economic transformation as it marked its 50th anniversary of Independence.

Companies attending the meeting included Global Sovereign Advisory, Matière, Veolia, BPCE, Flying Whales and telecommunications company iBASIS, with discussions spanning energy, infrastructure, utilities, aviation logistics, healthcare and digital connectivity.

“The next 20 years for Papua New Guinea will be about building roads, roads, roads and bridges,” Marape said.

“We have major rivers, difficult terrain, and enormous infrastructure needs. We are open to innovative financing and strong private-sector partnerships.”

Marape said PNG was on track to return to a balanced budget next year for the first time since 2010, which he said would strengthen investor confidence and support long-term economic management.

The prime minister also promoted the Papua LNG project as one of the country’s largest investment opportunities, saying it could generate tens of billions of US dollars in economic activity over its lifetime.

“Papua New Guinea and national stakeholders will need to finance participation in the project, so we are already exploring options for raising funds — either independently or through partnerships,” he said.

Marape said PNG’s gas pipeline extended beyond Papua LNG, with the P’nyang project and several additional developments expected to sustain construction activity through to 2040.

He also confirmed that discussions were continuing with French energy major TotalEnergies and project partners regarding the Papua LNG final investment decision.

Marape said earlier project cost estimates had been revised down from about US$18 billion to closer to US$14 billion following rebidding processes and cost optimisation measures amid changing global economic conditions after COVID-19 and geopolitical instability.

French engineering company Matière outlined its ongoing work in PNG, including the construction of more than 20 bridges linked to PNG LNG infrastructure and involvement in the government’s Connect PNG programme. The company also presented plans for more than 55 additional bridge sites nationwide.

Marape challenged the company to consider relocating bridge manufacturing operations to PNG.

“If I give you clean hydro energy and reliable power, can you relocate bridge manufacturing to PNG?” he asked.

Discussions also covered public-private partnership opportunities in utilities and healthcare infrastructure, including financing options for the stalled Kimbe General Hospital project.

“Kimbe Hospital remains a priority project,” Marape said.

“We need modern hospitals across PNG. If financing below three percent with a reasonable grace period can be arranged, I am interested.”

French banking group BPCE also expressed interest in PNG’s financial sector, while aviation company Flying Whales presented heavy-lift airship technology aimed at improving cargo transport into remote regions without road or airport access.

Marape said aviation and telecommunications would remain critical to PNG’s future economic development, highlighting ongoing efforts to expand digital connectivity through Starlink and other satellite technologies.

“Telecommunications are critical for future economic growth and governance,” he said.

“PNG is open for business.”

In his closing remarks, Marape announced Papua New Guinea’s intention to establish an embassy in Paris, saying the move would strengthen diplomatic and economic ties between the two countries.

Papua New Guinea is nearing the signing phase for the redevelopment of the Port of Rabaul following high-level talks in Paris between Prime Minister James Marape, French development agency Agence Française de Développement, or AFD, French government officials and European development partners.

The discussions, held on May 19, focused on infrastructure development, renewable energy, biodiversity conservation, green finance and broader economic cooperation between PNG and France.

Marape said financing negotiations for the Rabaul port redevelopment were approaching completion after the project recently received National Executive Council approval. The project is jointly financed by AFD, the European Investment Bank and the European Union under a broader “green port” strategy.

“Before the volcanic eruptions of 1994, Rabaul was regarded as one of the most beautiful natural harbours in the world,” Marape said.

“The restoration and redevelopment of Rabaul is not just for East New Britain Province, but for the whole country and the Pacific region.”

The prime minister said the government aimed to transform Rabaul into a regional import-export hub, Pacific redistribution centre and modern green port supporting tourism, trade, manufacturing and downstream processing industries.

Marape said industries linked to cocoa, fisheries, sustainable timber processing and renewable energy could emerge around the redeveloped port infrastructure.

“We want economic activity surrounding the port — processing our cocoa, our fisheries products, and our timber sustainably here in Papua New Guinea before export,” he said.

The discussions also covered climate and biodiversity cooperation under the SoNG Project — “Solwara na Graun blo Pipol” — a PNG-France initiative backed by AFD and development partners supporting marine conservation, forest preservation and community-based climate resilience programmes.

“Papua New Guinea possesses some of the last remaining pristine biodiversity on Earth,” Marape said.

“We have around six percent of the world’s biodiversity in our forests and oceans. These are not only PNG assets — they are assets for humanity.”

Marape also outlined PNG’s ambitions to expand hydro, solar and geothermal energy generation as part of a longer-term transition away from fossil fuels. Discussions included renewable energy partnerships, battery technology research, green finance and reforms within PNG Power Ltd.

“There is enormous opportunity in battery technology, clean energy innovation, and renewable energy systems,” he said.

The prime minister also called for greater collaboration between French universities and the Papua New Guinea University of Technology in renewable energy and battery technology research.

Marape said PNG’s partnership with France would continue to strengthen beyond current political leadership.

“What we are doing today is building bridges into the future for our children and grandchildren,” he said.

Prime Minister James Marape says the government’s Connect PNG infrastructure program is intended to transform road networks into “economic corridors” that unlock agriculture and other renewable-sector opportunities across Papua New Guinea.

Speaking on the government’s nationwide road connectivity agenda, Marape said roads being developed throughout the country are designed not only to improve transportation, but also to unlock the productive potential of customary land and create sustainable income and employment opportunities for ordinary Papua New Guineans.

“The Connect PNG Program focus and the Roads we are opening up should be unbundling the economic potential of every Land right across our country,” Marape said.

The prime minister said the government is progressively linking provinces and districts through major road projects stretching across the country, including east-to-west Manus, east-to-west Sepik, north-to-south Bougainville, the Buka Ring Road, the Kerema-to-Alotau corridor through Port Moresby, roads linking Gulf into the Highlands, and strategic road links across Morobe, Western Province, New Ireland, and West New Britain.

According to Marape, the road projects are intended to stimulate agriculture, tourism, fisheries, forestry, and downstream economic activity in areas where communities live and own land.

“All these Roads, especially those closest to ports and economic centres, must be used productively,” Marape said.

“Provincial Governments must work with Districts, Local-Level Governments, and Communities so that the Lands alongside these Roads become economically productive.”

Marape said Papua New Guinea possesses significant untapped economic potential through its renewable sectors, particularly agriculture, where citizens can generate household income from customary land.

He pointed to smallholder oil palm schemes in West New Britain Province as an example of successful rural economic participation.

“You have close to 7,000 families engaged in smallholder extension around the nucleus estates, and many families are earning between K4,000 and K6,000 a month,” Marape said.

“That is the type of Revenue we are talking about when we speak of Agriculture — whether in Oil Palm, Coffee, Cocoa, Copra, Fisheries, or Tourism.”

The prime minister said the government’s “One Million Jobs” initiative and broader agricultural expansion programs are aimed at replicating similar success stories nationwide to enable more Papua New Guineans to participate in formal economic activity without leaving their communities.

“This country must not be lazy. Money can be earned from wherever you are on your own Land,” he said.

Marape described agriculture, fisheries, forestry, and tourism as Papua New Guinea’s “lowest hanging fruit” for broad-based economic growth and job creation, particularly in rural areas where most of the population resides.

“These Sectors can create jobs, empower families, strengthen communities, and grow our economy in a sustainable way while we continue to expand downstream processing and other industries,” he said.

The prime minister also revealed that before Papua New Guinea’s 51st Independence Anniversary on Sept. 16, the government plans to announce a policy framework that would allow properly registered customary land to be used as collateral through the National Banking Corporation and other financing mechanisms.

“Properly registered Traditional Land can become bankable Land,” Marape said.

He said the proposed reform would help Papua New Guineans access financing and participate more actively in agriculture, small business, tourism, and other productive sectors.

Marape also called on provincial governments, district authorities, and community leaders to work closely with the national government to ensure that road connectivity translates into economic outcomes for local communities.

“The future prosperity of Papua New Guinea will not only come from Mining and Petroleum, but from empowering our people to utilise their Land, Resources, and God-given opportunities in a productive and sustainable way,” he said.

Papua New Guinea used the global Women Deliver 2026 Conference in Melbourne, Australia, to highlight the country’s growing investment in gender equality, reproductive health, and long-term strategies to address gender-based violence, with leaders emphasising the importance of empowering women and girls.

National Capital District Governor Powes Parkop, who also chairs the Permanent Parliamentary Committee on Gender Equality and Women’s Empowerment (GEWE), is leading PNG’s delegation to the high-level conference alongside Deputy Chairman and East Sepik Governor Allan Bird.

The conference, held from 27–30 April 2026, brought together global leaders, parliamentarians, and advocates focused on advancing gender equality and the empowerment of women and girls, particularly in the area of sexual and reproductive health and rights (SRHR).

At the High-Level Ministerial and Parliamentary Forum, Governors Parkop and Bird presented PNG’s progress in strengthening national systems and financing mechanisms aimed at improving outcomes for women and reducing gender-based violence.

Among the key achievements highlighted by the PNG delegation were strengthened parliamentary leadership through the GEWE Committee, increased domestic financing for reproductive health, and the recent approval of a long-term national strategy to prevent and respond to gender-based violence across the country.

The delegation also outlined how PNG is translating international commitments into practical national programmes through increased government investment in reproductive health supplies and long-term gender-based violence strategies covering all provinces.

Governor Parkop said PNG was demonstrating that gender equality policies must be supported by tangible financial commitments and long-term planning.

“We are not here simply to add our voice — we are here to show that Papua New Guinea is taking decisive action,” Governor Parkop said.

“From increasing domestic investment in gender equality and women’s economic empowerment to committing long-term resources to end gender-based violence, we are turning global commitments into real outcomes for our people.”

The broader economic implications of these reforms were also underscored during the forum, with gender equality increasingly recognised as a key development and productivity issue for the country.

Business leaders, development partners, and policymakers have long argued that improving women’s access to health services, safety, education, and economic participation contributes directly to workforce productivity, household income growth, and broader national economic resilience.

Gender-based violence alone continues to carry significant economic costs through lost productivity, healthcare expenses, and reduced workforce participation, particularly in both the formal and informal sectors where women play a major role.

Governor Bird said international parliamentary cooperation remains important in helping countries strengthen reforms and share practical solutions.

He said cross-border collaboration enables nations to exchange experiences, strengthen collective advocacy, and support policy improvements at the national level.

The presence of both governors at the global forum also signals PNG’s growing engagement in international policy discussions and its intention to position itself as an active voice from the Global South on gender equality and development issues.

The Permanent Parliamentary Committee on Gender Equality and Women’s Empowerment continues to oversee legislative, policy, and accountability mechanisms supporting gender equality initiatives nationwide.

According to the delegation, the broader objective is to ensure that every woman and girl in PNG has access to opportunity, protection, and the full realisation of her rights, while also strengthening the country’s long-term social and economic development.

Papua New Guinea has strengthened its push to become a regional leader in sustainable ocean industries following the successful hosting of the inaugural 2026 Melanesian Ocean Summit at APEC Haus in Port Moresby from May 11–14.

Held under the theme “Ensuring Ocean Protection with Sustainable Ocean Economies,” the four-day summit brought together Pacific leaders, government representatives, researchers, development partners, and fisheries stakeholders to advance a regional strategy focused on marine conservation, fisheries development, climate resilience, and blue economy investment.

Closing the summit on May 14, the Minister for Fisheries and Marine Resources said the gathering had “transformed ambition into action, and solidarity into a shared Melanesian pathway for our ocean.”

The Minister said the summit demonstrated that Melanesian nations are increasingly viewing ocean protection and economic growth as interconnected priorities.

“Our ocean is not a frontier to be exploited, but a legacy to be stewarded,” the Minister said.

A major outcome of the summit was renewed commitment to the Melanesian Ocean Corridor of Reserves (MOCOR), a regional framework designed to protect marine ecosystems while supporting economic growth, coastal livelihoods, and food security.

Leaders reaffirmed support for the global “30 by 30” conservation target, which aims to protect 30 percent of the world’s oceans by 2030, while emphasizing that conservation initiatives must also deliver direct economic benefits to Pacific communities.

The Minister said discussions throughout the summit reinforced the importance of building “resilient blue economies” supported by sustainable financing, stronger fisheries management, renewable energy investment, and regional cooperation.

Business and investment opportunities linked to the blue economy emerged as a major focus throughout the summit.

Delegates discussed expanding sustainable fisheries industries, strengthening tuna value chains, developing blue carbon markets, improving marine tourism opportunities, and increasing climate-resilient coastal enterprises across Melanesia.

One of the major economic initiatives highlighted was the East New Britain Initiative for tuna value capture, aimed at increasing downstream processing and boosting returns from PNG’s fisheries sector.

“The takeaway is clear: the blue economy must be people-centred, climate-resilient, and anchored in sustainable fisheries,” the Minister said.

PNG also announced that it will host the Pacific-Led Innovation Tuna Forum later in 2026 in Port Moresby, positioning the country as a regional hub for fisheries innovation and sustainable tuna industry development.

The summit emphasized that marine protected areas should not only serve conservation purposes but also function as economic assets supporting fisheries productivity, food security, tourism growth, and climate adaptation.

“MPAs are not just conservation tools — they are food security, climate resilience, and economic engines,” the Minister stated.

Pacific nations including PNG, Fiji, Vanuatu, and Palau shared experiences on locally managed marine areas and traditional conservation systems that have delivered positive environmental and economic outcomes for coastal communities.

Ocean finance discussions also featured prominently during the summit, with leaders acknowledging that long-term marine protection will require stronger governance systems, improved institutional capacity, and diversified financing mechanisms.

Delegates reviewed existing Pacific financing models, including the Micronesia Conservation Trust, the Coral Triangle Initiative Fund, and Niue’s ocean conservation credits system, as examples of innovative funding approaches for sustainable marine management.

The Minister said the challenge facing the region was “not only mobilising money, but building the systems to manage it.”

Leaders agreed that future financing for MOCOR would require stronger governance structures and Pacific-led investment mechanisms capable of supporting enforcement, scientific research, and community resilience programmes.

The summit further highlighted the growing economic importance of blue carbon ecosystems such as mangroves and seagrass habitats, which contribute to climate adaptation, coastal protection, and national emissions reduction goals.

In the high-value fisheries sector, Melanesian countries agreed to strengthen cooperation on bêche-de-mer management through coordinated licensing systems, stronger traceability measures, and regional branding standards aimed at increasing export value for sustainably sourced marine products.

The proposed Melanesian Bêche-de-mer Ocean Alliance will work through the MSG Fisheries Technical Advisory Committee to improve standards across the supply chain while maintaining national control over fishing quotas.

According to the Minister, “a traceability and branding regime will capture the premium for verified Melanesian provenance — turning sustainability into direct economic return for our fishers.”

The summit also addressed the growing economic risks associated with climate change, with scientists warning that warming oceans are already affecting tuna migration patterns and coastal fish stocks across the Pacific.

To strengthen regional scientific capability, delegates committed to establishing a Melanesian Ocean Research Hub linking universities and research institutions across the region.

Maritime security and fisheries enforcement were also identified as critical economic priorities.

PNG announced plans to establish a national Fusion Centre to improve monitoring, surveillance, and compliance operations targeting illegal, unreported, and unregulated fishing activities, marine pollution, and transboundary maritime threats.

“Without enforcement, paper parks fail,” the Minister said, while reaffirming regional cooperation against illegal fishing activities.

The summit additionally highlighted the role of Indigenous knowledge systems in sustainable resource management and economic resilience.

PNG committed K1 million towards establishing a National Cultural Research Fund and announced plans for an Institute of PNG Studies dedicated to cultural and traditional knowledge research.

Leaders concluded the summit by declaring that the Melanesian Ocean Corridor of Reserves had moved beyond the concept stage into a functioning regional framework capable of attracting investment, strengthening marine governance, and supporting sustainable economic development across the Pacific.

“The Melanesian Ocean Corridor of Reserves is not an aspiration — it is now a working framework, owned by us, designed by us, and ready to be financed and enforced by us,” the Minister said.

Vanuatu was confirmed as the host of the next Melanesian Ocean Summit in 2028.

The Asian Development Bank (ADB) and the National Capital District have entered discussions on future urban development and infrastructure investment opportunities for Port Moresby following a meeting between newly appointed ADB Country Director Takafumi Kadono and NCD Governor Powes Parkop on 13 May, in Port Moresby.

The courtesy orientation meeting focused on strengthening cooperation between ADB and the National Capital District Commission (NCDC) in priority sectors, including city transport, affordable housing, water and sanitation, urbanisation, and resilient infrastructure development.

Governor Parkop welcomed Mr Kadono and acknowledged ADB’s longstanding support for Papua New Guinea’s national and community development projects over several decades.

He said continued engagement with development partners such as ADB was critical to addressing the increasing urban challenges facing the capital city while supporting sustainable economic and social development.

“These include the city transport sector, urbanisation and affordable housing, water and sanitation projects, and resilient urban infrastructure initiatives aimed at improving the living standards of residents in the city,” Governor Parkop said.

The discussions also highlighted the importance of coordinated urban planning, sustainable infrastructure investment, and improved essential services to support Port Moresby’s growing population and future development aspirations.

Officials from ADB and the Governor’s Office attended the meeting, which concluded with both sides reaffirming their commitment to maintaining strong relations and continuing dialogue on priority urban development initiatives in the NCD.

ADB is one of PNG’s major development partners and has supported infrastructure, transport, energy, water, and urban development projects across the country.

Bank of Papua New Guinea (BPNG) Governor Elizabeth Genia has said the reopening of Bank South Pacific’s (BSP) Tari Branch in Hela Province is a significant step toward strengthening financial inclusion, supporting small businesses, and improving economic participation in rural Papua New Guinea.

Speaking at the official reopening ceremony in Tari Town on April 24, 2026, Governor Genia said the upgraded banking facility would improve access to formal financial services for individuals, subsistence farmers, and small-to-medium enterprises (SMEs) operating in one of PNG’s key resource regions.

The reopening ceremony was attended by PNG Prime Minister James Marape, Hela Provincial Governor Philip Undialu, BSP Chairman Mark Robinson, BSP management, and other invited guests.

Governor Genia said the reopening follows closely on the heels of the opening of BSP’s Minj branch, reflecting continued investment by commercial banks in provincial and rural banking infrastructure.

“It is an important moment for BSP and for the people of Tari and surrounding communities who need the full range of financial services offered by this new facility,” she said.

She emphasized that while Hela Province is widely recognised for its contribution to PNG’s resource economy, many residents continue to rely on subsistence farming and informal economic activities, making access to secure and reliable banking services critical.

“For remote communities, the lack of a modern bank branch means higher costs and greater risks. Access to banking services is essential,” Governor Genia said.

She said many Papua New Guineans in rural areas still store cash at home, exposing their savings to theft, fire, and damage caused by harsh environmental conditions.

“When savings are hidden away, they are vulnerable to theft, fire, or the demanding conditions of this remote area. By bringing people into the formal financial system, we offer them protection,” she said.

Governor Genia also highlighted the role of the banking sector in advancing financial inclusion through both digital innovation and physical banking infrastructure.

She said the new Tari branch features smart ATMs and digital banking tools designed to simplify banking services and reduce the travel burden for customers who journey long distances to access financial services.

However, she stressed that physical bank branches remain essential for building customer trust and encouraging broader participation in the formal economy.

“Alongside digital innovation, a physical branch will always remain an essential anchor,” she said.

“Branches provide the face-to-face trust necessary to encourage customers toward a more inclusive future and greater participation in the formal economy.”

The BPNG governor also used the occasion to highlight the importance of cash management within PNG’s economy, noting that despite increasing digital banking adoption, cash continues to play a major role in local trade and markets.

She said the Tari branch would support BPNG’s national cash management programme by helping remove damaged and soiled banknotes from circulation.

“A dirty or damaged note is still legal tender,” Governor Genia reminded the community.

“By depositing these notes here, you help us return them to the Central Bank for replacement with clean, new currency.”

She said maintaining the quality and integrity of currency circulation is important for sustaining public confidence in the financial system.

Governor Genia also addressed Papua New Guinea’s ongoing efforts to resolve issues related to its placement on the Financial Action Task Force (FATF) “Grey List,” describing the matter as a national economic priority.

She acknowledged Prime Minister James Marape’s support in driving reforms aimed at strengthening transparency, compliance, and financial system integrity.

“As we work to meet global standards, commercial banks remain our key implementing partners, including through branches such as this one,” she said.

Governor Genia explained that customers may experience additional identification and verification checks when conducting transactions as part of enhanced anti-money laundering and counter-terrorism financing measures.

“These are not hurdles designed to keep customers out; they are designed to keep ‘bad money’ out and ‘good money’ safe,” she said.

She added that strengthening banking compliance systems would help protect PNG’s international financial reputation and improve confidence in the country’s financial sector.

Governor Genia said the reopening of the Tari branch demonstrates how stronger banking infrastructure can support economic growth, improve transparency, and expand financial access in rural provinces.

“Today’s opening is a reminder that, no matter how remote the location, our people deserve access to financial services,” she said.

She also acknowledged BSP Bank for its continued investment in Hela Province and its partnership with Bank of PNG in supporting a more inclusive and modern financial system for PNG.

Andrew Cairns, chief executive of Westpac PNG, has been appointed President of the Australia Papua New Guinea Business Council (APNGBC), reinforcing his commitment to strengthening economic ties and advancing business opportunities between Australia and Papua New Guinea.

The Australia Papua New Guinea Business Council is a member-based organisation that promotes trade, investment and commercial collaboration between the two countries, while providing a platform for private sector engagement with both governments.

Cairns’ appointment comes at a time of renewed focus on bilateral growth, with businesses in both markets seeking to expand trade, investment and partnerships.

“The relationship between Australia and Papua New Guinea is built on deep connections between our businesses, communities and people. The Australia Papua New Guinea Business Council plays a critical role in strengthening those links and creating opportunities for shared growth," Cairns said.

Cairns said taht Papua New Guinea is a market rich with opportunity across multiple sectors, and strong collaboration between business and government will be key to unlocking sustainable economic development.

“I look forward to working with members and stakeholders to continue building confidence, supporting investment and ensuring the private sector contributes to long-term prosperity in both countries," he added.

The Council’s President leads the Executive Committee and works with members to advocate on key policy issues, facilitate dialogue with government, and support initiatives that promote trade and investment between Australia and Papua New Guinea.

Cairns said, “The Council will continue to provide an important platform for collaboration, including through its flagship Australia PNG Business Forum and Trade Expo, which brings together leaders from government, industry and the development sector.”

Cairns has served as Chief Executive of Westpac PNG since 2025 and brings extensive international leadership experience across banking, telecommunications and social finance.

Under his leadership, Westpac PNG has continued to focus on customer-led growth, digital innovation and support for economic development across the country.

The Australia Papua New Guinea Business Council was established in 1980 and has played a central role in promoting strong commercial relationships between the two countries for over four decades.

TISA Bank Limited has formalised a lease agreement with the Enga Provincial Government to establish a new branch at the Dr. Samson Amean Commercial Centre in Wabag.

The agreement also enables TISA Insurance to operate from the same location, allowing both entities to deliver integrated banking and insurance services to the people of Enga Province.

Located next to the provincial administration headquarters in the heart of Wabag Town, the modern commercial centre provides a strategic base to improve access to financial services across the province.

TISA Group Chief Executive Officer Michael Koisen welcomed the partnership, describing it as a significant step in the group’s ongoing commitment to serving communities across Papua New Guinea.

“Leasing space at the Dr. Samson Amean Commercial Centre allows us to bring both TISA Bank and TISA Insurance closer to the people of Enga. This is about more than opening a branch; it is about building trust, supporting local businesses, and contributing to sustainable economic growth in the province,” Koisen said.

He added that the co-location of banking and insurance services would provide customers with greater convenience and improved access to financial protection.

Enga Provincial Administrator Sandis Tsaka said the agreement marked an important milestone for the province.

“The establishment of TISA Bank and TISA Insurance in Wabag will improve access to essential financial services for businesses, entrepreneurs, and residents. This partnership will help drive economic activity, strengthen financial inclusion, and support long-term development in Enga Province,” Tsaka said.

The new presence is expected to expand access to financial services, empower local businesses, and support continued socio-economic growth across Enga Province.

TISA Bank Limited has strengthened its engagement with small and medium-sized enterprises through an SME Road Show held in Alotau, aimed at promoting financial inclusion and supporting business growth in Papua New Guinea’s regions.

The road show, conducted on May 2, brought together SMEs, cooperatives and local business owners to showcase the bank’s SME and MSME financial solutions, including lending products, business banking services and tailored financial support programs.

TISA Bank acting chief executive officer Luke Kaul said the initiative reflected the bank’s commitment to supporting entrepreneurs and expanding access to financial services outside major urban centres.

“Our SME Road Shows are about getting closer to our customers and understanding their needs,” Kaul said.

“Alotau has a vibrant SME community, and we are committed to providing accessible financial solutions that support business growth and economic development in the province and across the country.”

The event provided participants with information on financing options, business development support and opportunities to strengthen commercial networks within the local business community.

Participants welcomed the initiative, saying the direct engagement with the bank and partner organisations provided valuable insights into business development and entrepreneurship.

“The road show was very informative and gave me a clearer understanding of the importance of business and networking,” participant Valerie Joy Miller said.

“The presentations from the different organisations were insightful, and it was encouraging to see how each contributes to growth and development. The event was well organised and engaging, and it motivated me to think more seriously about future business opportunities.”

TISA Bank said the Alotau road show formed part of its broader strategy to strengthen relationships with SME customers and promote inclusive economic growth across Papua New Guinea.

The bank said it would continue expanding its outreach programs to ensure SMEs and cooperatives have access to the financial knowledge, banking services and tools needed to build sustainable businesses and support local economic development.

The Board of the Bank of Papua New Guinea (BPNG) has endorsed a new Emergency Liquidity Assistance (ELA) Policy Framework aimed at strengthening the central bank’s ability to respond to extreme short-term liquidity pressures within the country’s banking system.

In a statement issued on April 30, 2026, and authorised by Governor Elizabeth Genia, the central bank said the framework forms part of standard contingency planning undertaken by central banks globally and is not linked to any current concerns about the health of PNG’s financial system.

“The banking system is well-capitalised, with high levels of liquid assets held by all institutions,” the statement said.

BPNG said the ELA framework formalises the Bank’s approach to providing temporary liquidity support to eligible commercial banks experiencing severe but short-term funding constraints, consistent with its role under the Central Banking Act as the country’s “Lender of Last Resort.”

According to the central bank, the framework is designed to support overall financial system stability while ensuring that any emergency support is delivered in a prudent, controlled, and transparent manner.

The policy specifies that assistance would only be available to institutions deemed solvent and viable, with emphasis placed on safeguarding the broader financial system rather than supporting the survival of any individual institution.

The framework also outlines broad eligibility criteria, governance arrangements, and operational procedures governing how emergency liquidity assistance may be accessed.

BPNG stated that access to the facility would remain subject to strict conditions, including solvency requirements, appropriate collateral arrangements, and credible recovery measures by recipient institutions.

The central bank said the ELA Policy Framework complements its wider financial stability and prudential oversight responsibilities and enhances its capacity to respond effectively to emerging liquidity pressures across the financial sector.

BPNG added that it will continue engaging with stakeholders while developing supporting guidelines to ensure effective implementation and a consistent understanding of the framework.

“The Bank of PNG remains committed to maintaining a stable and resilient financial system that supports sustainable economic development,” the statement said.

Papua New Guinea has positioned transport and energy connectivity as critical pillars for economic transformation across the Pacific following the conclusion of the 6th Pacific Regional Energy and Transport Ministers’ Meeting (PRETMM), held in Port Moresby from May 4, to May 8.

Chair of the meeting and PNG Transport Minister Hon. Miki Kaeok said the regional gathering focused on strengthening transport and energy systems to drive trade, investment, tourism and long-term economic resilience across Pacific Island economies.

Discussions centred on practical implementation measures, including safer ports and shipping systems, resilient power infrastructure, digital technologies to improve operational efficiency, and financing mechanisms to support communities and private sector growth. Ministers and officials also explored regional investment opportunities and cooperative strategies to strengthen energy security and maritime connectivity amid rising operational costs and increasing climate pressures across the Pacific.

PRETMM 6 officially opened in Port Moresby following the Senior Energy Officials Meeting (SEOM 2026) and the Seventh Heads of Maritime Meeting (HOM 7).

Held under the theme “Scaling Connectivity for a Prosperous Blue Pacific,” the five-day meeting brought together ministers, regional leaders, development partners and technical experts from across the Pacific to discuss integrated solutions to transport and energy challenges affecting the region.

Minister Kaeok said connectivity was no longer simply about infrastructure development, but about creating direct economic opportunities for Pacific nations.

“Transport and energy are not isolated sectors of development; they are central pillars of economic growth, social inclusion, and regional resilience,” he said.

He said reliable maritime, aviation and land transport systems remain essential to sustaining Pacific economies by supporting trade, tourism, supply chains and access to essential goods and services, particularly for remote communities.

For PNG and other Pacific Island nations, transport connectivity continues to play a strategic role in linking businesses and producers to markets while improving regional mobility and reducing logistical barriers.

At the same time, affordable and reliable energy access was identified as a major driver of business expansion, industrial growth and investment attraction.

“Energy powers our homes, businesses, industries, and public services. It is essential to improving quality of life and unlocking new opportunities for innovation, investment, and economic transformation across the Blue Pacific,” Minister Kaeok said.

A key outcome of the meeting was a regional commitment to pursue integrated transport and energy planning through cleaner and more sustainable infrastructure initiatives.

Discussions included low-emission maritime and aviation projects, the expansion of renewable energy infrastructure, and strategies aimed at improving energy security while reducing operational costs and climate-related risks.

Minister Kaeok said Pacific nations continue to face major development challenges, including geographical isolation, climate vulnerability and the high costs associated with transport and energy access, all of which impact economic competitiveness.

However, he said regional cooperation and stronger partnerships were emerging as central solutions to overcoming these barriers.

“No single country can tackle these issues alone. The strength of the Pacific lies in our unity and our ability to work together,” he said.

The meeting also focused heavily on implementation, with ministers committing to practical outcomes that deliver measurable improvements in transport efficiency, energy access, economic participation and resilience across Pacific communities.

Minister Kaeok acknowledged Prime Minister James Marape for supporting the regional programme and promoting clean energy and connectivity initiatives across the Pacific.

He said the Marape Government’s commitment to strengthening transport and energy connectivity demonstrated Papua New Guinea’s dedication to regional cooperation, sustainable development and a more prosperous Blue Pacific.

As the meeting concluded, participating leaders reaffirmed the importance of maintaining momentum on regional connectivity initiatives to support long-term economic growth, resilience and sustainable development throughout the Pacific region.

Papua New Guinea has strengthened its commitment to aviation safety, governance and international compliance with the swearing-in of a new Civil Aviation Safety Authority of Papua New Guinea (CASA PNG) Board of Directors, as the country continues efforts to position itself among the leading aviation regulators in the Asia-Pacific region.

Speaking at the CASA PNG Board swearing-in ceremony held at Airways Hotel in Port Moresby on May 5, Minister for Civil Aviation Hon. Wake Goi MP said the aviation sector remains critical to PNG’s socioeconomic development, supporting domestic and international transportation, service delivery, business activities, trade and investment.

The Minister said the country’s aviation industry plays an important role in supporting the Marape–Rosso Government’s economic agenda, particularly under the Medium Term Development Plan IV (MTDP IV) through Strategic Priority Area 2, Connect PNG – Air Transport, and Strategic Priority Area 10, Climate Change and Natural Environment Protection.

He said the Government aims to support national efforts to grow the country’s Gross Domestic Product by K164 billion towards the 2030 target of K200 billion, with aviation identified as a priority sector in achieving that goal.

“As Minister responsible for Civil Aviation, I am honoured to be part of this occasion to witness the swearing-in of the new Civil Aviation Safety Authority of Papua New Guinea Board of Directors,” Minister Goi said.

As a signatory to the Chicago Convention and a member of the International Civil Aviation Organization (ICAO), PNG must continue complying with ICAO standards, recommended practices and strategic objectives, the Minister said.

He also highlighted several major achievements recorded by PNG’s aviation sector over the past 12 months, including significant improvements in international safety and security oversight ratings.

PNG’s Effective Implementation Score under the ICAO Universal Safety Oversight Audit Programme (USOAP) increased from 60.7 percent to 80.5 percent, making PNG the leading Pacific Small Island Developing State and placing it among the top 13 countries in the Asia-Pacific region out of 39 ICAO Asia-Pacific member states.

The country also improved its Effective Implementation Score under the ICAO Universal Security Audit Programme (USAP) from 35.6 percent to 62.9 percent.

Further strengthening its international standing, Minister Goi said PNG was formally accepted as a member of the Safety Management International Collaboration Group (SM-ICG), a global forum comprising leading aviation authorities including the United States Federal Aviation Administration, the European Union Aviation Safety Agency, and national aviation authorities from Singapore, Australia and New Zealand, with ICAO serving as a permanent observer.

Papua New Guinea is currently the only Pacific state represented in the group.

The Minister also acknowledged CASA PNG’s operational and governance achievements, including the successful completion of the 2025 ISO 9001 Surveillance Audit with zero findings, demonstrating the strength of the organisation’s systems and processes.

In governance and public finance management, CASA PNG achieved the highest score in the Agency Financial and Governance Assessment Scorecard during the inaugural Pacific Internal Auditors Conference in November 2025, making it the top-performing and most compliant public agency assessed.

Despite these achievements, Minister Goi said efforts were continuing to address remaining deficiencies and further improve PNG’s international audit scores under both the USOAP and USAP programmes.

He described the appointment of the new board as timely, saying it would provide strategic direction, oversight and governance support to ensure CASA PNG continued delivering on its mandate with integrity, discipline and results.

The Minister said the Government was confident the new board would build on the existing strengths within CASA PNG and help advance the country’s aviation sector further.

The newly sworn-in CASA PNG Board comprises Taono Vai as Chairman, Peter Pato as Deputy Chairman, Shelley Launa as Board Member, and Peter Kamong as Board Member. The appointments are expected to strengthen governance, strategic oversight and institutional leadership within Papua New Guinea’s civil aviation regulatory authority.

During the ceremony, Minister Goi congratulated Mr Taono Vai on his appointment as Chairman of the CASA PNG Board, Mr Peter Pato as Deputy Chairman, and Ms Shelley Launa and Mr Peter Kamong as independent directors.

He reminded board members of their responsibility to act in the best interests of the institution, the Government and the people of PNG.

“I trust that you will discharge your duties with integrity, diligence and an unwavering commitment to good governance and accountability,” he said.

Minister Goi reaffirmed the Marape–Rosso Government’s commitment to strengthening aviation safety, security and oversight in line with international best practices to ensure a safe, secure and resilient aviation sector for PNG.