• PNG Business News

PM: Govt won’t hurt industry’s profit margin

The Government will not hurt the profit margins of the mining and petroleum industries, says Prime Minister James Marape.

Marape said that his government would work with the industries to ensure that the country remained an attractive place for the industry to operate.

He said it would do so while looking for ways which enabled the country to get more from resource projects as it was now trying to implement new reforms in the mining and petroleum sector.

Marape said the Government would also continue to hold consultations with the industry on the new reforms.

The PNG Chamber of Mines and Petroleum had put out a public statement asking the government to postpone the proposed organic law for the industry which it feared would put Papua New Guinea’s economy and future at risk. Responding to this, Marape said: “If they have a view on the proposed amendment, then we will consider those views.

“We are not in haste to do things without their input or consultation,” he said.

“They are an important part and this law will serve them and serve us so if there is a view that they need to be further consulted, then we will consider that view. I have already indicated that in any of the reforms that we are doing, most of the substantial amendments will come into play in 2025 when the nation celebrates 50 years of independence.

“We will not hurt or harm their profit margins.

“In business, there is a thing called the rate of return of investment so we will work in the industry to make sure that we remain an attractive place for industries to operate in.”

Source: https://www.thenational.com.pg/pm-govt-wont-hurt-industrys-profit-margin/

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