PAPUA New Guinea (PNG) Prime Minister James Marape earlier this week pitched PNG as a stable destination for foreign capital, saying the country was “open for business” as it moves toward a wave of mining and gas projects.
Marape believes which he says could transform its economy over the next two decades.
Speaking at the PNG Resources Week Gala Dinner, Marape told investors, diplomats and industry leaders that the country’s political record, legal system and strategic location made it well placed to attract long-term investment.
“The next 50 years will be exciting,” he said.
“The first 20 years of the next 50 years will see almost 19 mining and petroleum projects come into production across our country. Buckle up your seat belts and join me as we ride into the future.”
Marape said PNG’s appeal rested on political continuity and institutional strength.
“In the last 50 years, PNG has never experienced military dictatorship,” he said.
“We have had eight Prime Ministers, 10 National General Elections, and a fair, independent and robust judicial system that continues to be strengthened.”
He said the government was moving to strengthen investor protections through an appeals court and international arbitration and mediation mechanisms.
“We are introducing an Appeals Court and establishing international arbitration and mediation mechanisms to give investors’ confidence that disputes will always be resolved under one transparent legal framework,” he said.
The prime minister also pointed to Papua New Guinea’s ties to Asia, saying the country is connected to China, Japan, South Korea, ASEAN economies and India, while retaining partnerships with Australia, Europe and others.
“From Papua New Guinea, you are only one flight away from the great Asian marketplace,” he said.
China is PNG’s largest trading partner and buys more than half of its exports, Marape said, while Japan remains a long-standing customer.
On resources, Marape said new projects would stretch from the islands to the Highlands and western provinces, including revived mines such as Woodlark and Misima.
He said all major government approvals for the Papua LNG project were complete and that project partners were now working toward a final investment decision.
“The Government has completed its part,” he said. “ExxonMobil, TotalEnergies and Santos are now progressing their internal processes. We are confident that Papua LNG’s Final Investment Decision will be announced soon.”
Marape said Papua LNG represented a $US14.5 billion investment.
He also said the government wanted more of the gains from resources to flow back to landowners and provincial governments.
“We want everyone to benefit from the wealth that God has blessed PNG with,” he said.
“As we create returns for investors, we must also ensure that landowners and provincial governments receive their fair share of the benefits.”
Marape closed by saying the country’s trajectory would continue beyond its own leadership.
“With or without James Marape, Papua New Guinea will continue moving forward.”
