Invest in PNG, PM tells investors

PRIME Minister Peter O’Neill has told overseas investors it is as good time to invest in PNG even though there is a drop in commodity prices.
O’Neill relayed the message while opening the PNG Mining and Petroleum Investment Conference in Sydney last week.
O’Neill said despite the fall in the commodity prices, the economic fundamental remained strong.
“2016 has certainly been a challenging year and there is no doubt that 2017 will be similar for the global economy,” he said.
“But I am confident we have established the foundation, substance and capacity to continue to weather this storm.
“We have navigated a safe path through these troubled times for a number of years now and we will continue to move forward with determination.
“Now is a great time to be a part of the success of Papua New Guinea and I welcome your ongoing commitment.”
Treasurer Patrick Pruaitch said regardless of what was happening globally, Papua New Guinea was well-placed to capitalise on its development potential.
“PNG budgets are highly conservative and do not take into account PNG’s increased economic resilience as well as the remaining potential for major new resource projects,” he said.
“A number of grassroots agricultural projects are leading to the doubling and tripling of productivity among significant segments of PNG’s coffee and cocoa smallholders.
“New entrants into the palm oil sector will also contribute to increased agricultural production, not fully accounted for in the budget.
“Following the big drop in crude oil prices, most new oil and gas projects worldwide have dropped off the potential starters list. But not the US$10 billion (K31.74bn) P’nyang gas development of ExxonMobil, Oil Search and Santos Ltd.
“ExxonMobil’s construction plans have only been held up by a Government decision to negotiate new fiscal terms that have yet to be determined. It now looks as though 2018 to 2019 is when work on P’nyang will commence.”