He noted that 2025 marks 50 years of bilateral relations between PNG and Malaysia, and that Perodua’s entry into the PNG market is a symbol of trust and partnership between the two countries.

Perodua, known for its fuel-efficient and affordable vehicles, reflects Malaysia’s engineering innovation, Hashim said. Its presence, he added, demonstrates growing Malaysian confidence in PNG’s economy and workforce.

Hashim also called for stronger technical and vocational education and training (TVET) programmes to provide hands-on skills for the automotive sector, particularly in repairs, maintenance, and engineering.

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• The Economic Giants Papua New Guineans Created

Beneath them are the commercial giants — property owners, supermarket chains, hotels, banks, and logistics firms. This sector is also dominated by foreign companies. The pattern is consistent: profits exit the country, top jobs go to foreigners, and locals remain in low-paying roles with little career growth. Despite their strong presence, these businesses contribute little to building long-term national capacity.

The local SMEs and informal economy stand as the last frontier for Papua New Guineans. They may not command large capital, but they create jobs and keep the majority of our people employed. They also provide a gateway for entrepreneurship. However, local businesses are being outcompeted by newer foreign micro-enterprises, often operating in areas meant to be reserved for nationals.

It’s time to face the reality: we, the people of PNG, are enabling this situation. Through our choices, inaction, and failure to protect our markets, we’ve allowed these companies to flourish. As a result, we risk losing our place in our own economy. Without change, our families and future generations will suffer for this economic dependence.

The solution lies in deliberate action. We must back PNGean-owned enterprises by choosing to buy locally, by advocating for policies that protect national interests, and by investing in our entrepreneurs. It’s no longer just about pride — it’s about survival and sovereignty.

If we truly want to take back our economy, we must nurture homegrown businesses from the informal sector and help them grow into national champions. Only then can PNG become a country where the economy serves its people — not just foreign investors.

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• ​PNG Surges Towards Economic Brilliance: Marape Woos IMF With Bold Reform Vision In Washington

He declared PNG’s strategic shift away from commercial borrowing, aligning instead with credible partners like the IMF, World Bank, and ADB, all underpinned by transparency and discipline.

Bo Li and IMF staff applauded PNG’s "clarity of vision," projecting a GDP growth of 4.7% in 2025—driven by reforms and recovery across non-resource sectors.

IMF’s PNG representative, Sohrab Rafiq, stated that the government’s reform drive had already delivered measurable benefits, including a drop in public debt for the first time in over a decade.

Marape proposed further collaboration, including AI-powered transparency tools, renewable energy expansion, and regional gas supply initiatives.

He also stressed the importance of managing PNG’s Sovereign Wealth Fund with stronger governance and efficiency.

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• US Tariffs Unlikely To Greatly Affect PNG Exports, Says Economist

According to Barker, some competing countries, including Vietnam and Côte d’Ivoire, already face higher import duties in the US, offering PNG a comparative advantage. Nonetheless, he acknowledged that final tariff rates could shift after diplomatic negotiations.

Despite broader market volatility, PNG has recently seen favourable prices for key exports like cocoa, gold, and coffee. This trend, coupled with renewed production from the Porgera gold mine, has improved the nation’s fiscal position, especially as gold demand rises during times of global economic tension.

• Barker warned, however, that if the US proceeds with broader tariff hikes this July—especially targeting countries with high counter-tariffs—it could depress international demand and pose risks for PNG’s larger trading partners.

He also highlighted the challenges faced by supply chains affected by shifting tariff rules. “Uncertainty in trade policies, especially in industries where components cross multiple borders, makes business planning and operations difficult,” he said.

While declining oil prices typically support trade, Barker noted that geopolitical instability and inconsistent energy policies are sending mixed messages. “The combination of ongoing wars and policy decisions favouring fossil fuels—even amid growing climate concerns—adds to the complexity of today’s global trade environment,” he said.

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Posted By Staff Reporter

• PNG PM Urges Australian Firms To Invest More, Sets Sights On K200 Billion Economy
• PNG Export Volumes Stagnant Despite Global Commodity Price Boom

The Prime Minister said the government was working to attract over US$55 billion (K218.7 billion) in foreign direct investment over the next decade and a half, primarily through large-scale energy and mining projects.

Seventeen of the proposed 20 ventures, he said, were already moving through regulatory approvals. Among the participating firms are ExxonMobil, Total, Barrick Gold, Newmont, and Harmony Gold.

Marape reaffirmed PNG’s strong ties with Australia, describing the forum as a platform built on shared values, trust, and mutual prosperity. “We want to strengthen ourselves so we can contribute to regional stability with Australia,” he told the gathering.

He concluded by setting a bold economic target: “Our ambition is to become a K200 billion economy in the short term and reach US$200 billion by 2045.”

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• PNG Export Volumes Stagnant Despite Global Commodity Price Boom

According to Sen, capacity expansions at existing mining operations are expected to drive growth in non-rural commodities over the next two years. In the agriculture sector, farmers are responding to high prices by planting more cocoa and coffee, which has already resulted in peak export levels last month.

Sen also noted that stronger export earnings have helped reduce PNG’s foreign currency backlog, briefly restoring stability to the foreign exchange market in early May. He added that this improvement in foreign currency availability signals a healthier economic environment for businesses and investors.

Despite global tariff tensions, PNG's trading relationships with key partners such as the United States and China remain strong, Sen observed. He stressed that PNG’s growth opportunities lie in the expanding Asian middle class, with whom PNG is already engaging.

Sen also mentioned a rise in consumer demand, particularly in the Highlands region, where communities are reportedly more "cashed up." Coastal and island provinces are also expected to benefit due to persistently high cocoa prices.

 Sen said that while PNG's export values have surged thanks to commodity prices, the volumes are static. Nevertheless, he pointed out that business investment is improving, and the outlook for publicly funded infrastructure is promising.

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