Posted By Staff Reporter
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. Maru said the only way PNG could increase economic growth was to create more job opportunities, increase internal revenue, reduce the rate of borrowings, fix the law and order issues, fund infrastructure, reduce debt and create wealth for the people.
“This is to make PNG an attractive country to do business,”he said. “We are looking for global investors to help us unlock our economic potential.” Maru explained that the country was facing a fast growing population, high unemployment, plus law and order issues. It needs more education of it’s people, improvement to health services, a reliable and affordable electricity supply, export of raw materials, reduced cost in doing businesses and more connectivity of roads and bridges infrastructures. “Our biggest challenge so far is the fast growing population that stands as a factor to high level of unemployment and law and order issues,” he said.“ We are looking for investors to invest in the hydro, solar and geothermal spaces,” he said. “PNG don’t want to export raw materials, however, we want to process our raw resources and export the final products. “We want to export other manufactured goods before we get them out into the markets.” Maru said the country had a lot of resources. “We are looking at providing incentives and opportunities by partnering with global companies, our landowner companies and government entities specifically in the manufacturing space.” “We are now already arranged a free trade agreement with China and Indonesia and these will be the go-to markets in the future.” Statement Comments are closed.
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