PNG Prime Minister, James Marape has urged Australian investors to move quickly into Papua New Guinea, warning that the country’s next decade will be marked by major resource projects, infrastructure development, economic expansion and new regional opportunities.
“If you’re already in PNG, get entrenched. If you’re wanting to come to PNG, come now. The next 10-year window might close on you,” PM Marape told the Business Advantage PNG Investment Conference in Brisbane yesterday.
PM Marape in a statement said Papua New Guinea was entering an important period of economic transformation and called on Australian businesses already operating in the country to expand their investments.
He said the Government wanted investors to participate in the country’s growth while ensuring Papua New Guinea received a fair return from its natural resources.
“We want Papua New Guinea to be a place where all investors-local and international-make a fair return on their investments as our country moves into the next 50 years,” he said in a statement yesterday.
PM Marape said investment opportunities were no longer limited to mining, petroleum and gas, but agriculture, manufacturing, construction, tourism, information and communications technology, artificial intelligence and energy offering significant potential.
He said Papua New Guinea’s economy had expanded significantly since Independence, with the National Budget now exceeding K30 billion compared with about K300 million at Independence.
PM Marape said the Government was particularly focused on diversifying the economy and reducing dependence on traditional resource sectors.
“We are starting to see the diversification focus coming to fruition,” he said.
He said the next decade would be supported by a major pipeline of resource and infrastructure projects, including Papua LNG, Wafi-Golpu and Pasca, as well as prospective developments such as P’nyang.
PM Marape also highlighted the country’s strategic location between the Pacific and major Asian markets, saying PNG’s membership of APEC and the Pacific Islands Forum, together with its longstanding engagement with ASEAN, created opportunities for investors.
He said the Government would continue working to expand market access for PNG products in China, Japan, Korea, Southeast Asia, India and other international markets.
PM Marape said PNG’s young population was another major economic asset, with the Government investing in education and skills development to create a workforce capable of meeting domestic demand and contributing to skills needs in Australia, New Zealand and elsewhere.
“Our focus is on converting our youthful population into a resource, not a liability,” he said.
He also said the Government was exploring greater use of artificial intelligence to improve public-sector efficiency, including decision-making, recruitment, procurement, regulation and permitting.
“We want to use artificial intelligence to improve government efficiency,” PM Marape said.
“A smarter government is okay, but a smarter government needs a stronger economy.”
PM Marape said PNG’s economic ambitions were linked to the broader goal of achieving economic independence, recalling founding Prime Minister Grand Chief Sir Michael Somare’s challenge to his generation to build an economy capable of sustaining political independence.
“For what use is political independence if we don’t have the economy to sustain our country?” he said.
He said the Australia-PNG relationship, built over generations through churches, businesses, governments and people-to-people links, provided a strong foundation for deeper economic cooperation.
PM Marape also pointed to PNG’s entry into the National Rugby League through the PNG Chiefs from 2028 as an opportunity that would extend beyond sport into tourism, aviation, hospitality, construction and commerce.
He said PNG was also preparing to host APEC again in 2033 and celebrate its 60th Independence anniversary in 2035.
“The next 10 years are packed with a lot of activities,” PM Marape said.
He said PNG had demonstrated resilience despite political instability, natural disasters, global economic shocks and the COVID-19 pandemic.
“Many thought Papua New Guinea would fail in the 1970s, in the 1980s or in the unstable 1990s. But we have not failed. We have survived to this day,” he said.
PM Marape said the country’s second 50 years must focus on economic independence, stronger institutions, a skilled population and sustained private-sector investment.
“We are a nation of 10 million people. We don’t want to be beggars for life. We’re working to grow our economy,” he said.
“Pick up a part of PNG you want to invest in. Be with us. This is the story of our country.”