The effective management of revenues from the extractive sector in PNG can significantly contribute to the development of the country.
This is one of the focus areas in a workshop currently underway in Port Moresby which has brought together key stakeholders in the extractive industry in PNG.
The workshop, jointly hosted by the PNG Extractive Industries Transparency Initiative (PNGEITI) and the Pacific Leadership and Governance Precinct, has brought together resource sector stakeholders to discuss with them and to equip them with the tools to manage PNG’s vast natural resources.
In a statement, PNGEITI Head of Secretariat, Lucas Alkan, says the extractive sector needs strong leadership to contribute to PNG future.
“This workshop will increase understanding between the Government, the private sector and the civil society.
“This is a very exciting collaboration between the Precinct and the PNGEITI, which have joined together to improve governance and transparency in the extractive sector.
“With strong leadership, this industry can be a platform for social and economic change,” Alkan says.
The workshop was officially opened by Deputy Secretary for Treasury, Manu Momo, who said the initiative by PNG EITI has to potential to provide more positive outcomes from the industry through transparency and accountability.
He said the initiative complements the Governments role in properly managing revenue fro the extractive industry through the establishment of the Sovereign Wealth Fund and to protect against corruption through the creation of the Independent Commission Against Corruption (ICAC).
The workshop is a direct response to the recommendations made in the 2014 PNG EITI Report, which identified opportunities for improvements to reporting and management.
The workshop ends on Friday.