Minister for International Trade and Investment

No PACER Plus, says Maru

Minister for International Trade and Investment, Richard Maru emphasized in his first meeting with the new Australian High Commissioner to PNG, His Excellency John Feakes.

Minister Maru said, “I want to make it very clear to the Australian Government that PNG is not interested in the PACER Plus because Australia hardly buys from PNG with trade skewed in Australia’s favour for decades.”

NEC approves institute's PNG office

This follows a strong representation made by the Global Managing Director of the TBI, Michael McNair in a meeting with the Minister for International Trade and Investment, Richard Maru at the margins of the World Economic Forum in Davos- Klosters, Switzerland last month on their eagerness to open a fully-fledged office in PNG this year.

PNG to benefit from Institute

Minister Maru met with the Institute’s Global Managing Director, Michael McNair.

In a meeting at the margins of the World Economic Forum in Davos- Klosters, Switzerland last week made a very strong representation to Minister Maru on TBI’s eagerness to open a fully-fledged office in Papua New Guinea (PNG) this year.

The institute has offices in Indonesia and Timor-Leste. In every country they operate in, they have up to six full-time staff both local and international.

PNG joins coalition

Minister for International Trade and Investment, Richard Maru, while participating at the 54th annual meeting of the World Economic Forum in Davos-Klosters, Switzerland, also attended the Coalition of Trade Ministers meeting on Trade, Climate Change and Finance on Wednesday, 17 January 2024, and formally announced membership to this grouping as the 60th member.

The Coalition was launched in January 2023.

Maru defends SEZ policy

“We have a very good SEZ Act that was passed in 2019 and we are just finalizing the final draft of the new SEZ Foundation Policy. PNG’s SEZ Legislation provides a rigorous framework for evaluating potential SEZ Projects, as well as tightly monitoring their ongoing operation and fulfilment of stated objective,” states Maru.

Minister Maru says governments around the world frequently implement short-term incentives and even preferential treatment, such as allowing skilled migration for selected in-demand professions to address needs and achieve strategic objectives.

SEZs to kick off in 2024

Minister for International Trade and Investment, Richard Maru said, “Our first two Special Economic Zones were Malahang in Morobe Province and Ulaveo in the East New Britain Province. These were followed by the Paga Hill Special Economic Zone and the Central Limestone Project. This year the Government is set to license the Rice Special Economic Zone, the Central Manufacturing Zone, the Sepik Plains Special Economic Zone, and the PMIZ.”

Recognize indigenous businesses

Minister for International Trade and Investment, Richard Maru in closing the Forum last week said it is time the Government recognize the need for PNG indigenous businesses and supported as a unit.

Minister Maru stated: “There are so many Papua New Guinean indigenous entrepreneurs who have done so much without Government support. This Forum allowed them to come and display their products and many of us were really inspired. I am so impressed of the energy and the drive of our people. They did not wait for the Government; they did what they had to do.”

PNG on 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”.

PNG-China feasibility study initiated

Minister for International Trade and Investment, Richard Maru, this week announced this crucial development on the eve of Prime Minister James Marape's scheduled state visit to China next week for the Belt and Road Summit in Beijing.

The initiation of this joint feasibility study follows an agreement reached between Prime Minister Marape and Chinese President Xi Jinping during the state visit in 2021.

Newmont-Newcrest Merger Granted

This decision comes after careful scrutiny, with the regulator expressing satisfaction that all stipulated requirements have been met.

Minister for International Trade and Investment, Richard Maru, announced the breakthrough, highlighting that a comprehensive Memorandum of Agreement (MoA) has been formalized between the merging entities.

Minister Maru extended gratitude on behalf of the Government to Newmont Corporation for choosing to invest in Papua New Guinea.