THE reason why the country has a high level of unemployment is because of the limited investment opportunities to unlock the economic potential of the country, says International Trade and Investment Minister Richard Maru.
Maru told the World Indigenous Business Forum in Port Moresby yesterday that the Government was now focusing on sustainable and inclusive economic growth.
“We are hosting this forum because we want to market our indigenous business and resources to the global community,” he said.
PAPUA New Guinea has been invited to attend the World Economic Forum annual meeting in Davos, Graubunden, Switzerland, from Jan 15-19 next year, says Prime Minster James Marape.
Marape said the invitation came from forum founder and executive chairman Professor Klaus Schwab.
The forums annual meeting is a global assembly of leaders from government, business and civil society, fostering discussions on the current state of the world and setting priorities for the future.
This year’s event is significant as it unfolds amid a “polycrisis” – the convergence of critical issues including climate and biodiversity crises, the Coronavirus (Covid-19) pandemic, conflicts in Ukraine and the Middle East and concerns over the cost of living.
Papua New Guinea PRIME Minister James Marape says the country’s economy has grown by K33 billion over the last three years without any new projects.
Despite that, it was still work in progress, he added.
“We grew the economy by trying our absolute best to increase efficiency in the public service,” he said. “Just by increasing efficiency, good governance and abiding by work ethics, we have now increased and become more effective in the collection of tax revenue.
“Not by increasing tax rates, but simple human efficiency built back into our systems.”
“Complacency is a disease, we need to step up and work for the law and get going.
“I look forward to a time when whistleblowers’ act is fully mature and is assisting the systems of government and judiciary address corruption.
“I look forward to a time when ICAC (Independent Commission against Corruption) is fully functioning, Ombudsman is fully, adequately resourced and functional, and police likewise.”
TREASURER Ian Ling-Stuckey says a strong growth performance in the first half of the year is creating more jobs, with inflation falling faster than expected.
“This higher growth rate is based upon the hard work of our people, and with this growth they are creating more jobs for our people,” he said.
“The good news is that strong growth performances is driving jobs growth, and jobs growth is even higher than non-resource growth and is running at 5.3 per cent in 2023,” he said.
THE Papua New Guinea economy largely depends on development projects in the resource sector, according to the PNG Chamber of Mines and Petroleum.
Chamber vice-president Richard Kassman said during the National Content conference in Port Moresby yesterday that good government policies directed the mining and petroleum development projects to contribute more to the economy.
“It impacts the economy through skilled labour employment and international and national stake holder business investment opportunities,” he said. The conference is aimed at developing shared value in trade, investment and business opportunities between the Government, private sector businesses and project developers to strengthen and build the country’s health, education, infrastructure, energy and socio-economic development areas.
“The PNG economy largely depends on development projects in the resource sector,” Kassman said.
“The Government aims to drive a national content policy that centered on shared value systems Papua New Guineans have been taught for generations.” Kassman said the national content policy promoted the participation and development of national capital, labour, goods and services and technology in the planning and development of major resource projects.
THE PNG Liquefied Natural Gas (LNG) project brought in K20.9 billion to the national economy since it began in 2014, according to operator ExxonMobil PNG Limited.
PNG Chamber of Mines and Petroleum senior vice-president Richard Kassman told the national content conference in Port Moresby yesterday that the project had contributed a lot to the economy. Of that K20.9 billion, the petroleum project gave about K8.6 billion for its tax compliances, and the same amount to Kumul Petroleum Holdings.
ExxonMobil had also contributed around K1 billion for development levies and paid about K1.6 billion to the Mineral Resources Development Company (MRDC). “The country has the opportunity to transition young people into skilled-labour training for upcoming development projects.
“When a resource project is developed, the demand for goods and services and skilled labour is very high.”
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