Prime Minister James Marape hopes to see more landowner companies benefit from resources from their land in the next few years.
He expressed this sentiment during the 10-year celebration of partnership between three landowner companies and the PNG LNG project.
ExxonMobil PNG on August 8th hosted board and senior managers of the three landowner companies (lancos) of Hides Gas Development Company, Laba Holdings Ltd and Trans Wonderland Ltd at the PNG LNG plant site to celebrate a decade of partnership with the LNG project. Also at the celebration was fellow landowner and Prime Minister James Marape.
The Prime Minister stressed that the sustainable aspect of benefit is truly felt when landowners and citizens fully participate in business that is meaningful and has a return on investment.
“Where these three landowner companies not only remain as three but they become incubation spots for more junior lancos to grow out of them,” he said. “For it will be of waste if the three become three only and richer and the rest remain below the three.
“So let me encourage this and put to the board of the three companies, let’s not remain aloof, and let’s not remain individualistic but let’s spread our wings.”
He further asked that structures be put in place to ensure the company is sustainable and lives beyond the board.
“We’ve got a fine board here but we run the risk of the boards being personalised.”
Meantime, Prime Minister Marape revealed that the Government will announce a key SME intervention policy in September.
“And one of them will be putting key specific intervention program to assist existing Papua New Guinean businesses who are paying tax, and employing Papua New Guineans and who want to go the next mile.”
(ExxonMobil PNG Managing Director, Andrew Barry, presenting the PM with a plaque to commemorate the 10 years of partnership with landowner companies)