Projects to boost economy

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By GYNNIE KERO
PRIME Minister James Marape is confident the country can grow into a K200 billion economy in the next 10 years when the five multi-billion kina resource projects in the pipeline get off the ground.
Marape said negotiations were ongoing on the P’nyang, Papua LNG, Porgera, Wafi-Golpu and Pasca projects.
He was addressing the business community and development partners at an Independence Day dinner at Parliament House on Wednesday.
“These five projects have the potential to push our economy of K80 billion to possibly over K200 billion in the next 10 years,” he said.
“I have encourage ExxonMobil, Oil Search, Newcrest, Harmony and Total to speak their minds (on) their rate of return on investment.
“ We will respect that.
“We will work with you.
“And if you feel that we are encroaching into your profit margin, you have the right to speak your mind.
“Those of us in the public service and Government will not be offended.
“We are all equal partners as far as business is concerned in our country.
“They (resource developers) bring the exploration and construction dollars and PNG provides the natural resources.
“They will speak their mind and we will tell them what we need so that we find resolve in our resource projects.” He urged businesses to bear with the Government during “tough discussions because once agreements are signed, its long-term and the Government cannot go back and change them”.
“Therefore the Government must get it right the first time for the people of Papua New Guinea,” he said.

28 comments

  • Bloody dreams..!! We got Independence 45 years ago and our annual budgets have never gone passed the 20 billion mark as yet even after all the Gold, copper, oil and gas projects. PM need to live and wait another 50 – 100 years to realise K200 billion economy!

    • Indeed! Png gained independece 45 years ago and our budget has been increasing, now close to 20 billions the last 10years. Our debts increased partly because returns gained from royalties and compos from previous and various existing mining and petroleum projects are just not enough to repay our country’s debts hence incremental increase every year now close to 30+ billions and counting.
      The direction and path set by pmjm and team of likeminded in the current government will surely pave way for debt reduction. Introduction and enactment of new laws since his election as PM thus far is proof of what is yet to come.
      God bless PNG and God bless PM JM

    • Whether its bloody or not, We must have dreams.
      If we don’t have any plans, dreams, visions, etc. we would be walking around in total darkness, like headless chicken.

    • Sir. I think the PM is talking about the worth of PNG economy, not PNG’s annual budget. I was a great critic of PM’s economic policies, and investor scaring tactics, and weight throwing without considering the need of investor to make profit. I am encouraged now by his change of attitude and cordial engagement with investors. Well done. If you continue on this track, then u have my support

    • It doesn’t need a rocket scientist to figure all this out. PMJM is doing a great job negotiating for better returns for our country when it comes to the oil gas and mineral sector. With the increased returns, commencement dates, and forecasted production data for these projects being modeled, achieving a 200bln budget by 2050 may be huge but it’s a good target to aim for.

      PMJM Government is doing the right thing by changing the resource laws which seemed to be “over exploiting” our country and negotiating with investors for better returns which will directly have a good impact on our economy thus elevating poorvety and improving the livelihoods of all Papua New Guineans.

      God bless PMJM we are praying that with Gods wisdom you will continue to take the bold stand implement all changes for the good of PNG!

  • It is good to have a target and work towards it. Without a target, what will we receive? However, there must be a time frame to reach this target.

  • Well, how much is PNG worth with all its ‘known’ natural resources, renewable and non renewable?

    If you know then you do the mathematics with how much return PNG will receive and how much will leave our shores but overall the cost of the economy is the one PMJM is referring to I believe.

  • Thank you PMJM for that vision. It’s time do away with the “yes master” system. Time to negotiate the best for the country and push for downstream processing. PMJM, you are the voice of the silent majority. May God continue to bless you with His divine wisdom to fight against corruption and deliver the best for PNG.

  • PMJM is absolutely right. The country’s economy is held by resource developers, and the current estimate is that
    our economy is worth K60 to K80 billion. Currently the government negotiating team is negotiating not only 2 to 5 % as was the case in the previous government, they are negotiating for 35 to 40 percent share of our resources earnings from exploration, extraction, processing to export. PMJM is not dreaming, he and his team are doing it. Resource developers have been telling lies and cheating on the real value of our resources. Under PMJM there won’t be anymore tax holidays no more lies. Government team is taking this to the negotiating table, if developers don’t like it they can leave. Our resources will stay.

  • Andy Mapi , your brain is emty like an empty drum , PMJM just came into office yesterday so give him time and you will see and feel the the walk the talk

  • We have taken back OK TEDI and now Porgera. We all should thank PMJM and his government “THAT’S THE WAY FORWARD”. Andi Mapi I hope you have eyes to see and ears to listen what is going on here in PNG. Unless you came from OUT SPACE.

  • Harry Noah you are the another stupid in this group.K200 billion for next 10 years is just a joke and last 45 years we are still below K16 billion, you and your PM is just the dumb running this country.
    This is just another lie to the nation.Really tired of seeing all the lies.

    • Kande. Read PM’s text property. He is talking about PNG’s economy, as measured by GDP, correct me if I am wrong. He is not taking about PNG’s annual budget

  • Andy Mapi comes from a very remotest part of South and he knows nothing about what is happening in the outside world.

    That’s why he can’t hear, can’t see, has no visions, and only sees everything as dead end.

    Same goes for Kinz Yako. Still walking around with their eyes tight shut.

    For Kinz and Andy Mapi, their world is ending tomorrow.

  • Yes we must have faith in God and we must understand that through him all things are possible,but we must also institute action in dreams.We can develope to whatever the world’s standards are, but this will only be considered little by generations that are yet to come.But the standards that God will set for his people will remain for eternity and our children will prosper in Gods name and his sight.As a developing nation we must embroid God into our culture,systems and our education.

  • It has always been a source of annoyance to see oil companies ‘flaring’ off a nation’s gas.
    Oil companies cap wells why don’t they cap them in PNG.
    After all it is not their gas to waste and also pollute the atmosphere.

  • PMJM is one of the best we have so far. The difference between him and the previous PMs is that he has his people at heart and he stands by his people. If you have not been following his intense conversations on the resource developers is that their days of manipulating and undervaluing the exact value of our resources so that they hide from paying taxes at the expense of our previous governments lack of knowledge and interest for our people is over. We have the learned PM, the game changer for my country. PMJM has assembled the best technocrats in the land to negotiate for us. Those who disagree with PMJM and name callers, you can wait your turn to run the country after 2022 election.

  • Tugu Igini i support you, No vision for tomorrow are dead man, I think the timing is right with the PMJM vision to take through to come into the other side…..Being the Head not the Tail…….

  • PNG initially had some bit of doubt in PMJM’s leadership with the unnecessary lock downs and the alleged mishandling of the COVID 19 funds. Regardless of the critics, Marape is now in serious business of taking back PNG. COVID 19 funds were merely grants we had to play the “plandamic” game to obtain without repayment.

    Unlike the past governments who widened PNG’s debt level with unnecessary borrowings and served the interests of international corporations by bulldozing and undermining the Mining and Oil & Gas Acts, this government is shining some light that we’re on the right track.

    With the Marape government’s well executed handling of the OK Tedi and Pogera mine issues, the tough negotiations for PNG with P’nang and the Papua LNGs, we have now realised that MV PNG now has a brighter under the Captainship of Marape/Steven.

    May God give you His divine blessings and wisdom to fight against corruption and be very transparent in your endeavours to make PNG the richest black nation.

    It’s never too late. Together we can.

  • Hi Gentlemen,
    It is so wicked to be demeaning characters and capabilities of any individual. PMJM is not a saint so to perform miracle as you may expect… neither is he a dumb from nowhere nowhere as you perceive…. He is a leader in his own right.,,,just the same as you and I are… Naturally…we don’t plant now and harvest tomorrow. Patience has to prevail… If you can’t see nothing better coming,,,, join me to pray for our PM and all our leaders…so God can guide them with wisdom and understanding…and for us…let us remove the log in our own eyes so we can have clearer view before commenting….
    May God bless you all..

    Wamenemari Amesi

  • Its about time we face it and walk our talk, Thank you PMJM. No real benefits after several mining since Panguna glory days.

  • Prime Minister James Marape is correct.
    The PNG Economy is currently (2019/20) worth around K80 Billion (US$24Billion).
    PNG economy has potential to double over the next 10 years with all those new projects coming online.

  • We just celebrated our 45 years of Independence just 6 days past now. 45 years old is a magic number for everyone of us and also for PNG to make a u-turn and come off matured minded in its independent decision making time for this country’s hope and golden future. Lets all hope the billions of Kina spelt out is put into good use for the best and bright future for us and our children. Most importantly if PMJM and the like minded supporters and leaders in business in the four corners of the corridors of power can tie this kind of money coming in for the country must plan to re-development and re-progress towards our deteriorating infrastructures and projects not only in NCD but right across the whole country as of 2022 on wards. Don’t worry PMJM and your Government of the day with your good aims and vision setting for this country shall continue after the 2022 NGE. What you and your good Government is doing now, learning from all the mistakes from the past seven Prime Ministers and 45 years of this country’s independence is coming good after all this years. U- TURN, yes its coming good in line with the PLP,s Policies 28 years ago.

  • With you PMJM. Nothing is impossible. As long as you have a vision. Habakkuk 2:3, Vision is real, it will take time but stick to it, it will not lie. You had vision for PNG. PNGeans need to support that vision. We must talk positive and live positive coz there is no negativity in God.

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