The Economic Giants Papua New Guineans Created

​Commentary by George Lemako

When we look at the economic reality in Papua New Guinea today, we see a disturbing trend: foreign companies have become the powerhouses of our economy. From resource extraction to retail chains, foreign firms dominate key sectors, leaving local businesses to fight for scraps. The uncomfortable truth is that we have helped create this imbalance.

Resource companies — especially in oil, gas, and mining — are the biggest players. These multinationals move vast amounts of capital and generate massive export revenues. But while they operate on our land, the profits rarely return home. Their earnings are stored in offshore accounts, and their boards and managers are overwhelmingly foreign. The wealth generated by our resources does not stay in PNG.

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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