PM: Growth continues

 By SHEILA MALKEN

PAPUA New Guinea is still experiencing growth despite the current downturn in the global economy, Prime Minister Peter O’Neill says.

“Right now our nation is facing challenges; unstable commodity prices are placing pressure on many economies and reducing economic growth all around the world,” O’Neill said in his keynote address to the mark the country’s 40th Independence anniversary yesterday.

“Even with the grey clouds over the global economy, our country still has positive growth.

“Right now our nation is facing challenges, what this means for our people is that we will see through this challenge in the coming years and our country can grow even stronger.”

He said the Government would continue to encourage local people who already own businesses in the country and were employing nationals.

“We need to encourage our own Papua New Guinea entrepreneurs in medicine tourism, and new economy areas such as communications,” O’Neill said.

He said the Government needed to make taxation simpler to further stimulate the economy and create more jobs. 

“We are doing more to make PNG a great location for investment and we have received great support from international businesses that have confidence in our economy,” O’Neill said.

“Some of the largest corporations in the world are investing in PNG, and this is making an important contribution to our economy. 

“But I also want to see the people of our country take greater control in developing our own resources. 

“This means more investment from our private sector to access our own resources. 

“I would like to see more of our seafood and agriculture products processed in our country and as a nation, we must be ambitious and bold when it comes to economic empowerment and improving quality of life for our people.”