Posted By Staff Reporter
INTERNATIONAL Trade and Investment Minister Richard Maru has told the 22 member countries of the Pacific Islands Investment Forum that the economies needed investment. “We can have all the resources in our country but we need investment to move and expand the economy,” he said. “For instance in Papua New Guinea, we have more resources that you could possible think of in the renewable and non-renewable sectors, but again without investors, we can have big dreams and visions but nothing will happen. “We need investors (who) grow an economy by using the resources, investing, creating employment and development as a result.” The two-day forum for super fund executive officers ended yesterday in Port Moresby. Maru and Prime Minister James Marape invited the chief executive officers of provident funds, superannuation funds, sovereign wealth funds, trust funds, and social security administrations in the Pacific to invest in PNG. Maru gave an overview of the resources in PNG which indicated a large number of opportunities in Special Economic Zones (SEZs), mining and agriculture. “PNG’s Gross Domestic Products sits at around K105 billion,” he said.
“We have a number of new mining and SEZs projects coming online this year.” Wafi Golpu will become one of the biggest coal mines in the world with a construction cost in excess of K5 billion. “That’s what lays ahead. “We are also in the construction phase of these two big LNG projects — Pyanyang LNG in Gulf and Papua LNG in Western.” Maru said Papua New Guinea was looking for investors and partners, and will certainly be looking at investment partners from the region. Statement/TheNational/PNG Economy news Also read Comments are closed.
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