Papua New Guinea has so much to offer.
This was the message relayed by the Minister for International Trade and Investment, Richard Maru, during day two of the inaugural Papua New Guinea – Asia Investment Conference in Hong Kong.
Sessions 1-4 concluded yesterday in day one of the conference, with Prime Minister James Marape welcoming investors to PNG before departing for Beijing, China.
Minister Maru, who was instrumental in the hosting of this conference in Asia, headlined session five with the topic: “PNG ready for investment”.
He outlined that PNG is resource-rich, with nine projects in the mining and petroleum sector – with new projects coming up.
Apart from that, PNG boasts the third largest forest resource in the world, fertile land for agricultural development and the potential for solar, hydro and thermal projects and of course, its tourism potential.
Among the key government targets is the use of special economic zones as the primary driver of inclusive and sustainable economic growth.
Minister Maru said economic zones will be established right around the country. The government will start with six economic zones first, where incentives, land, infrastructure and support will be provided to the private sector to invest.
“Our government has now decided that economic zones will be the primary driver of economic growth in Papua New Guinea,” he told attendees.
“We’ve learnt from the Philippines, we’ve learnt from Thailand, we’ve learnt from China and the countries that have done very well and transformed their economies.”
He added that the government is prioritising law and order to create a conducive environment for investors, and repeated PM Marape’s invitation, saying PNG stands ready to welcome investors.