Prime Minister Marape (inset) addressed the 41st Australia Papua New Guinea Business Forum via video.
Papua New Guinea Prime Minister the Hon James Marape used his address to the 41st Australia Papua New Guinea Business Forum & Trade Expo to reassure investors of the government’s commitment to business, economic reform and long-term growth, while urging companies to look beyond the country’s traditional resources sector.
Although unable to attend the Brisbane forum in person, Mr Marape said his “thoughts, heart and support” were with delegates gathered during Papua New Guinea’s 50th anniversary year.
He described the Australia-PNG relationship as permanent and deeply intertwined, repeating a line from his address to the Australian Parliament that the two countries were “joined at the hips”.
Mr Marape thanked the business community for continuing to invest in Papua New Guinea and said his government remained committed to supporting investors and addressing policy barriers that affected profitability and growth.
“We continue to place our appreciation to every businessman and businesswoman, every company that chooses to operate in Papua New Guinea,” he said.
“If there are any policy matters you feel we need to attend to that help and enhance your profit, we will attend to them.”
At the same time, he urged companies to ensure PNG also benefited fairly from investment and resource development.
“When the company wins, the government is able to roll back to the economy, make sure health is okay, education is okay, infrastructure is okay, including power,” he said.
Mr Marape highlighted reforms underway in the judicial sector, including recruiting more judges, strengthening mediation and arbitration processes, and improving dispute resolution mechanisms to support investor confidence.
He said PNG remained committed to free market principles and an independent court system, describing them as “important characteristics” that protected both citizens and investors.
The Prime Minister said the Papua New Guinea economy had grown steadily since 2019, expanding from about K79 billion with annual growth averaging around four per cent, increasingly driven by non-mining sectors.
“PNG is much bigger than just mining and petroleum,” he said, pointing to opportunities in manufacturing, agriculture, logistics, fisheries and trade with Asian markets.
Mr Marape also flagged plans to reduce corporate taxes as the economy expanded towards his target of a K200 billion economy, saying lower taxes would allow businesses to reinvest savings back into PNG.
Calling on investors to “look deep into PNG”, he said the government was prepared to provide incentives and policy support for projects that created long-term partnerships and economic benefits for the country.
