Prime Minister, James Marape, says resource laws will be amended over the next two years to build a solid foundation for the economy.
Prime Minister Marape said some of the policy fundamentals will be put in place, and legislative amendments and laws passed over the next two years before the 2022 National Elections.
Marape said amendments to resource laws will be brought before Parliament.
Current reviews include the Oil & Gast Act and the Mining Act.
“There will be more changes to our laws. Resource laws is something close to my heart. Petroleum Minister, Mining Minister, Forestry Minister and Fisheries Ministers are all working on the resource laws; not to harm our investors. We are educated enough to understand our investors need to make profit, but in this instance time for super profit is over,” said Marape.
“You make your fair share of profit based on the internal rate of profit we feel is sustainable for different projects that we will model, and we will also make profit for our 10 million shareholders of our country.”
The Prime Minister resource law amendments are expected this year.
“Some of the resource law changes will take place within this year as we run through. In 2021 we will prepare for our national elections and in 2022, we will have our elections.
Parliament recently passed the Whistle Blowers Bill , while the ICAC Bill has been brought before the Parliamentary Committee on Reforms and Constitutional Law on February 18th .