Prime Minister Hon. James Marape has declared that Papua New Guinea remains “open for business”, assuring international investors that the country offers political stability, a strong democratic tradition, an independent judiciary and enormous long-term opportunities as it enters its next 50 years of nationhood.
Speaking at the Papua New Guinea Resources Week Gala Dinner on Thursday night, Prime Minister Marape told government leaders, investors, diplomats and industry representatives that PNG was entering one of the most exciting periods in its economic history, with a pipeline of major mining and petroleum developments expected over the next two decades.
“The next 50 years will be exciting,” Prime Minister Marape said.
“The first 20 years of the next 50 years will see almost 19 mining and petroleum projects come into production across our country. Buckle up your seat belts and join me as we ride into the future.”
Prime Minister Marape said Papua New Guinea’s greatest strength continued to be its political stability, democratic institutions and commitment to the rule of law.
“In the last 50 years, Papua New Guinea has never experienced military dictatorship,” he said.
“We have had eight Prime Ministers, 10 National General Elections, and a fair, independent and robust judicial system that continues to be strengthened.
“We are introducing an Appeals Court and establishing international arbitration and mediation mechanisms to give investors confidence that disputes will always be resolved under one transparent legal framework.”
The Prime Minister said these reforms demonstrated the Government’s determination to create a predictable and secure investment environment.
He also highlighted Papua New Guinea’s strategic geographic position at the doorstep of Asia’s rapidly expanding economies.
“From Papua New Guinea, you are only one flight away from the great Asian marketplace,” he said.
“We are directly connected to China, Japan, South Korea, ASEAN economies and India, while continuing to maintain our strong partnerships with Europe, Australia and other traditional markets.”
Prime Minister Marape noted that China had become Papua New Guinea’s largest trading partner, purchasing more than half of the country’s exports, while Japan remained one of PNG’s most loyal long-term customers.
He recalled meeting Japanese companies that had been purchasing products from Ok Tedi since 1985, describing it as evidence of Papua New Guinea’s reputation as a reliable and trusted supplier to global markets.
The Prime Minister also highlighted PNG’s expanding diplomatic engagement with the Middle East, welcoming the attendance of the United Arab Emirates Special Envoy, His Excellency Sheikh Omar, at the dinner.
He said the establishment of Papua New Guinea’s embassy in the United Arab Emirates, headed by Ambassador-designate His Excellency Frank Aisi, reflected the country’s growing global outreach beyond its traditional partners.
“Papua New Guinea is reaching far and wide while maintaining our strong bilateral relationships,” Prime
Minister Marape said.
“Our engagement is expanding because we want to diversify markets and create more opportunities for investment and trade.”
Turning to the resources sector, Prime Minister Marape said new developments would stretch from the
country’s eastern islands to the Highlands and the western provinces.
He pointed to the revival of major mines such as Woodlark and Misima alongside existing operations, while significant petroleum developments continued to advance.
The Prime Minister announced that all major government approvals for the Papua LNG Project had been completed and expressed confidence that the Final Investment Decision (FID) would soon be announced by the project partners.
“The Government has completed its part,” he said.
“ExxonMobil, TotalEnergies and Santos are now progressing their internal processes. We are confident that Papua LNG’s Final Investment Decision will be announced soon.
“This is a US$14.5 billion investment that will deliver substantial benefits for our country.”
Prime Minister Marape reaffirmed his Government’s commitment to ensuring that resource development delivers fairer outcomes for customary landowners and host provinces.
He said the Government’s policy remained that 40 per cent of national government revenues generated from resource projects would flow back to landowners and provincial governments.
“We want everyone to benefit from the wealth that God has blessed Papua New Guinea with,” he said.
“As we create returns for investors, we must also ensure that landowners and provincial governments receive their fair share of the benefits.”
Prime Minister Marape concluded by encouraging investors to have confidence in Papua New Guinea’s future, stressing that the nation’s progress extended beyond any individual political leader.
“With or without James Marape, Papua New Guinea will continue moving forward,” he said.
“This country has prospered over the last 50 years, and it will continue to grow and reward those who invest in its future.
“May God bless each and every one of you, and thank you for your confidence in Papua New Guinea.”