Marape: Investors Welcome, But Give Us Our Fair Share
Prime Minister James Marape has made it clear that the people and country demand a good share of returns from its natural resources.
“I will not apologise for this policy stance to anyone. That includes our investors. We welcome all investors to our country. They are entitled to a good return on their investment. But likewise, we too deserve our fair share.”
Mr Marape said this in parliament when giving an update on the status of some key projects currently on the table in the country.
“I wish to give an update on the status of the new projects in the mining and petroleum sector that are currently in the pipeline.”
Mr Marape gave an update on the projects including the current situation on Porgera Gold Mine, Wafi-Golpu, Papua LNG Project, P’nyang Gas project and Pasca Petroleum Project.
“We are committed to completing negotiations on all these projects by the final quarter of 2020, I remain confident with the work done so far by the respective Ministries and the SNT, and I can assure everyone of us and our people that we will remain focused on achieving fair and equitable share benefits.
“We have analysed the financial models of all these projects and if we can negotiate a better deal, the country will receive significant financial benefits in the next 20 years.”
He said the impact on the economy will be significant including more money to provincial governments and landowners, more revenue to national government, more investments in infrastructure, health, education and law and order and improvements in quality of lives of people, reduced reliance on borrowings or loans for financing budget and hence reduce debt, strong foreign reserves, stronger kina, more jobs and income opportunities and increase foreign direct investment.
“This is unprecedented in our Parliamentary process but given that there is much misinformation being circulated by people with ulterior motives, some commercial and others political, I am compelled to inform the House on the projects so these lies can be put to rest.”
Mr Marape said when the Government came into office in May 2019, he made it absolutely clear that the country must be entitled to a fair and equitable share of the benefits from the development of the country’s natural resources.