PNG still a worthwhile investment destination, says Marape

PRIME Minister James Marape has encouraged businesses in the country and abroad to invest in Papua New Guinea, forge new partnerships, and explore opportunities in various industries.
He made the remarks during the opening of Steamships Trading Company’s K250 million Harbourside South and the Marriot Executive Apartments in Port Moresby on Friday.
He told investors to appreciate that the Government was addressing the law and order issues and that the country was still an attractive investment destination.
“This occasion is not just about bricks and mortar; it represents the culmination of years of hard work, collaboration, and dedication to building a brighter future for PNG,” he said.
“For over a century, Steamships has been a cornerstone of our economy, pioneering in various sectors. Their commitment and innovation have significantly shaped our economic landscape, contributing to PNG’s growth and development.
“We also honour the legacy and commitment of John Swire and Sons, whose enduring investment has driven economic development and created opportunities for our people.
“We reaffirm our commitment to strong public-private partnerships. These are essential for overcoming challenges, driving innovation, and creating opportunities for all Papua New Guineans.”
Marape said the transformation of Port Moresby into a modern city, aligned with the National Capital District Commission’s ‘Amazing Port Moresby’ initiative, showcased the impact of strategic partnerships and visionary projects.
“Such initiatives are catalysts for urban revitalisation, economic development, and community empowerment.”
He said the Government was dedicated to improving economic development and enhancing investor confidence.
“Our focus has been on encouraging economic growth.
“We have seen remarkable economic growth, with the gross domestic product (GDP) increasing from K79 billion in 2018 to K111 billion in 2023.
“Our aim is to reach a K200 billion economy by the next decade, supported by major projects like the Papua LNG and the Porgera mine, among others.”
Marape said despite challenges, the non-extractive sector had shown resilience, growing by over four per cent in recent years.
“PNG remains a promising frontier for investors, offering high returns. We will continue to invest in law and order and ease investment processes.
“The Harborside South project exemplifies the potential of integrated urban development, creating a vibrant community space.
“It sets a new standard for urban planning and design, enhancing the city’s attractiveness for investment and livability.
“The Marriott Executive Apartments represent excellence in hospitality, contributing to Port Moresby’s emergence as a business and leisure destination.
“Such collaborative efforts are essential for realising a modern, dynamic, and inclusive city,” the Prime Minister said.