PNG Prime Minister James Marape has urged American businesses to invest in Papua New Guinea, promoting the country’s growing trade and investment opportunities during a high-level business roundtable in New York.
Prime Minister Marape made the call during a United Nations General Assembly week event hosted by the Business Council for International Understanding (BCIU) at the InterContinental New York Barclay last Thursday.
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The roundtable brought together American business executives, institutional investors and senior United States Government officials to discuss opportunities for commercial partnerships between PNG and the United States.
Organized in partnership with Newmont and Washington Global Advisors, the dialogue focused on strengthening trade and investment ties and moving beyond traditional foreign aid towards commercial partnerships.
Prime Minister Marape told the American business community that PNG was positioning itself as a free-market economy, a democratic partner of the United States and a gateway to the Asian market.
“Our message to the American business community during this UNGA week is clear: Papua New Guinea is moving from aid to trade,” Prime Minister Marape said in a statement from New York.
“We want American companies to come in, utilize our special economic incentives, and achieve strong returns on investment while simultaneously driving local employment and economic growth.”
He highlighted major resource projects, including ExxonMobil’s Papua LNG project and Newmont’s Lihir and Wafi-Golpu mining operations, while also pointing to emerging opportunities in clean energy, agriculture, fisheries processing and digital infrastructure.
Prime Minister Marape said PNG’s economy had doubled in size since he took office in 2019 and said the Government was working towards a balanced budget by next year.
He also encouraged American companies to explore investment in hydropower, geothermal and solar energy, sustainable agriculture, premium fisheries processing and digital infrastructure.
The Prime Minister also highlighted the nationwide rollout of Starlink as an opportunity for investment in digital connectivity.
Assistant Secretary of State for East Asian and Pacific Affairs Michael G. DeSombre also addressed the roundtable, saying the relationship between the United States and PNG had never been stronger.
DeSombre said trade, rather than aid, was an important driver of economic growth, while referring to the US-PNG Framework for Strategic Cooperation and Defence Cooperation Agreement.
Prime Minister Marape also promoted PNG’s legal and commercial environment, highlighting reforms involving international-standard arbitration, mediation and a new appellate court system.
He said PNG’s judiciary provided protection for legitimate business contracts and sought to reassure investors about the security of their investments.
The meeting concluded with a question-and-answer session led by BCIU Vice President Max Horwitz, allowing American business leaders to engage directly with the Prime Minister and PNG delegation on investment opportunities.
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The PNG delegation included Foreign Affairs Minister Justin Tkatchenko, Permanent Representative to the United Nations Fred Sarufa, Ambassador to the United States Sir Arnold Amet and Deputy Permanent Representative to the United Nations Buri Gari.
The event was attended by senior US Government officials and representatives from companies and organisations including Newmont, Moody’s, Walmart, Fortinet, World Fuel, Zipline International and others.