Prime Minister Hon. James Marape met with Japan Organisation for Metals and Energy Security (JOGMEC) Chairman and Chief Executive Officer Mr. Takahara Ichiro to discuss trade relations and investment opportunities between the two countries.

The meeting focused on strengthening bilateral relations, with a particular emphasis on trade, natural resources, investment opportunities, clean energy, and battery technology.

Prime Minister Marape proposed a trade relationship between PNG and Japan, where both countries would exchange goods and services with minimal tariffs, leveraging PNG’s abundant natural resources, including minerals and energy.

Mr Marape invited Japanese companies to invest in PNG, particularly in downstream processing and manufacturing, highlighting the country’s carbon-negative status and significant capacity for clean energy production, including hydro, solar, and geothermal power. He also encouraged Japanese companies to explore research and development in battery technology, which could be used to store and transport clean energy.

A strengthened trade relationship between PNG and Japan could lead to increased investment and trade between the two countries. PNG’s clean energy resources and carbon-negative status make it an attractive location for companies looking to invest in renewable energy. The discussions on downstream processing highlighted PNG’s natural resources and strategic location, making it an ideal location for downstream processing and manufacturing.

However, challenges such as infrastructure development and regulatory framework strengthening need to be addressed to support increased investment and trade. The country’s regulatory framework may need to be strengthened to ensure a stable and predictable business environment.

Prime Minister Marape emphasized his government’s commitment to modernizing the court system, bringing international arbitration, and having an independent functional national court system to deliberate on any disputes that may arise. “We are restructuring our economy to make sure that the characteristics of a free-market economy remain the bigger and best business in the country,” he said.

The Prime Minister expressed his enthusiasm for cooperation with JOGMEC and looked for- ward to their support in promoting business opportunities in PNG.

“I am looking forward to your support as your advocate in the business communities, and I want to give you my full commitment,” he said.