Invest money in agriculture, says Bogan

National

By JUNIOR UKAHA
BUSINESSMAN Sir Nagora Bogan believes that money from mineral and energy should be invested into agriculture for the country’s long-term future.
He suggested PNG needed a more diversified economy for sustainability and not depend too much on the mineral and energy sector.
University of Technology Chancello and former non-executive director of BSP Sir Nagora Bogan, spoke at the harvest of rice at Homestate’s experimental paddy in Lae this week.
He said oil, gas, gold, copper and other minerals were finite and extraction would deplete them.
He said the government should move away from focusing too much on the resource sector and invest in other areas like agriculture to diversify the economy.
“The resource sector is finite because after 10 or 20 years, it will be gone,” Sir Nagora said.
“Agriculture is the backbone of this country so we must promote it.
“Let us reinvest the bonanza from mining and petroleum sector into agriculture because it is sustainable.
“Food security is important and we need to back it up and diversify the economic base.
“Before we broaden the tax base, let’s diversity the economy first.”
Sir Nagora said once the economy was diversified, it would encourage investors to come and invest in the country and so that value is added to products like timber and fish.
“We need to fundamentally restructure and reform our economy to see change because everybody talks about money, but you can’t grow money.”

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