Prime Minister James Marape this evening announced that Papua New Guinea could see a reduction in corporate income tax once the national economy reaches the K200 billion mark by 2030.
He described it as part of a broader plan to stimulate business growth and investment.
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Speaking this evening at the opening of the K80 million, five-storey Eliseo Premium complex at Hohola in Port Moresby, Prime Minister Marape said the Government remains focused on expanding the size of the economy to create more opportunities for businesses and citizens.
“When the economy is big, there is enough room for people—employment, business, and everyone,” PM Marape said.
“When we reach K200 billion by 2030, we will reduce corporate tax below 20 percent so businesses can reinvest and grow the economy.”
PM Marape reflected on Papua New Guinea’s economic journey, noting the country’s transformation from a small, isolated economy at Independence to its current growth trajectory.
“In 1975, we came from a very small economy. My village was never connected to the rest of the country—we never spoke English and were still in the bush,” he said.
“By 1995 when Eliseo was only starting, the economy was just over K10 billion, and by 2002 it was around K17 billion. When I took office in 2019, it was still under K80 billion.”
He reiterated his vision of expanding the economy significantly, saying, “I made a statement in 2019 that we must grow into a K200 billion economy.
Today, five years on, we are growing, and this country will never go down—we will keep moving up.”
Prime Minister Marape highlighted that much of the country’s economic strength now lies outside the resource sector.
“Out of the K148 billion economy, K107 billion is from the non-mining sector,” he said.
“That includes retail, construction, and services. The biggest sector of our economy today is not mining—it is business activity like what we are witnessing here.”
Commending the developers of the Eliseo Premium complex, PM Marape described the investment as a reflection of confidence in the country’s future.
“This investor employs over 2,000 people, and this shop alone employs 400. They have invested K80 million here, and more across the country,” he said.
“I do not care where you come from, what religion you practice, or what politics you support—if you invest in this country, this is your country.”
PM Marape also assured the business community of continued government support, particularly in infrastructure and security.
“We will fix water, power, and law and order. Anyone who breaks the law against businesses will be dealt with,” he said.
“We want Port Moresby to be one of the most vibrant, safe, and livable cities.”
Looking ahead, the Prime Minister pointed to upcoming economic opportunities, including the planned PNG NRL entry in 2028, tourism growth, and major resource projects.
“From 2027 and beyond, including the PNG NRL in 2028, we expect more visitors, more demand for hotels, taxis, restaurants, and services,” he said. “That means more opportunities for our people.”
PM Marape urged continued confidence in Papua New Guinea’s economic future.
“Have faith in this country. PNG is still a growing story,” he said.
Related news: https://www.thepngsun.com/pm-marape-tells-business-leaders-k200-billion-economy-sight-as-major-projects-near-rollout/
“We are heading towards a K200 billion economy, and together, we will build a better place for all.”