• PNG Business News

Projects to boost economy



Prime Minister James Marape is confident the country can grow into a K200 billion economy in the next 10 years when the five multi-billion kina resource projects in the pipeline get off the ground.


Marape said negotiations were ongoing on the P’nyang, Papua LNG, Porgera, Wafi-Golpu and Pasca projects.


He was addressing the business community and development partners at an Independence Day dinner at Parliament House on Wednesday.


“These five projects have the potential to push our economy of K80 billion to possibly over K200 billion in the next 10 years,” he said.


“I have encourage ExxonMobil, Oil Search, Newcrest, Harmony and Total to speak their minds (on) their rate of return on investment.


“ We will respect that. We will work with you."


“And if you feel that we are encroaching into your profit margin, you have the right to speak your mind.


“Those of us in the public service and Government will not be offended. We are all equal partners as far as business is concerned in our country."

“They (resource developers) bring the exploration and construction dollars and PNG provides the natural resources.


“They will speak their mind and we will tell them what we need so that we find resolve in our resource projects.” He urged businesses to bear with the Government during “tough discussions because once agreements are signed, its long-term and the Government cannot go back and change them”.


“Therefore the Government must get it right the first time for the people of Papua New Guinea,” he said.


Source: https://www.thenational.com.pg/projects-to-boost-economy/

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