Investors must have serious money: PM

Investors coming into PNG must have serious money, including a minimum of K10 million.

This was the message Prime Minister James Marape conveyed to Australia during his visit.

The Prime Minister returned from his trip this afternoon at the Jackson’s International VIP Terminal.

Speaking to media, he said a wide range of topics were covered with our neighbours, including the imbalance in trade, improving PNG’s local economy, the Manus issue as well as experiencing firsthand how local industries in Western Australia operate.

On Friday the PM addressed over 300 investors in Sydney, who he said were interested in PNG.

“And we sold our country as a good investment destination but at the same time, we outlined clear criteria. Investors who want to come in must have serious money, including minimum of K10 million, to be deposited in our facility with Central Bank to show that you’re a serious investor,” he stated.

“All in Australia know that we’re a good investment destination; they have over 5,000 businesses, registered Australian businesses, also having registered offices in our country so they know our inherent history.

“If you have an improved, stronger economy in PNG where the population is satisfied, then businesses who operate in this country will have a safer address. Now and going forward into the future.

“And I basically in summary was telling them; 10 years from now we don’t intend to get aid from you. We want to be a partner in dispensing aid through the lesser fortunate nations in the Pacific who are quite small in their economy size – facing issues of climate change, issues of sea level rise.

“I think the message has sunk very well in the Australian people, the Australian media, Australian government, Australian businesses. They see us now from a greater perspective.”

Carmella Gware