INVESTMENT
PNG promotes itself to investors OUR MAJOR PRIORITY AREA IS TO PROVIDE AN ENABLING ENVIRONMENT FOR BUSINESS TO THRIVE CREDIT: IFC
Prime Minister James Marape
While the resources sector maintained a high profile at PNG’s major international investment event, the 2021 Business Advantage Papua New Guinea Investment Conference provided clear signs that PNG’s economy is diversifying. By Andrew Wilkins While the COVID-19 pandemic prevented a physical conference in 2021, the Business Advantage Papua New Guinea Investment Conference went ahead as a livestreamed event, and clearly demonstrated there was certainly no shortage of interest in PNG as a business and investment destination. The conference featured around 40 expert speakers over its three days, covering such topics as PNG’s investment climate, funding for investments and how to do business in PNG. Delegates were also given a closer look at opportunities across the country’s major economic sectors, including mining and petroleum, telecommunications, energy, financial services, infrastructure, logistics, manufacturing, agriculture and real estate development.
Enabling environment The conference was opened by PNG’s Prime Minister, James Marape, who used his opening address to highlight his government’s support for infrastructure development, including the Connect PNG program [see page 34] and special economic zones to attract foreign direct investment. ‘Our major priority area is to provide an enabling environment for business to thrive,’ he told delegates. He also flagged major policy reforms related to governance and accountability, the mining and petroleum sectors, and foreign investment to ensure a ‘more equitable return on investments, not only to PNG but also to our investors.’ Speakers such as PNG Ports’ Managing Director Fego
Top right: IFC VicePresident Alfonso Garcia Mora spoke about the increased support for green energy projects. Bottom right: Samoa’s first female Prime Minister, Fiame Naomi Mata’afa, spoke of the potential to build closer trade and business ties between Pacific nations.
Ota Kiniafa, the CEO of PNG DataCo Paul Komboi and Department of Works and Highways Secretary David Wereh spoke in more detail about PNG’s infrastructure development plans, while delegates also received an update on PNG’s most advanced special economic zone, at Ihu in Gulf Province. Meanwhile, VIP speakers included Samoa’s first female Prime Minister, Fiamē Naomi Mata’afa, Australia’s Minister for International Development and the Pacific, Zed Seselja, and US Ambassador to PNG, Erin Elizabeth McKee.
Growth cycle Conference delegates were provided with a detailed economic update from the Asian Development Bank (ADB)’s PNG Country Economist Ed Faber, while economist Saul Eslake outlined the global trends that will influence PNG’s progress over the coming decades [see page 31]. ‘PNG can expect a tough couple of years, followed by the beginning of another growth cycle,’ noted Faber. Faber said a key driver of this growth cycle will be the next wave of major resources projects, including Papua LNG, the Wafi-Golpu copper-gold mine and P’nyang LNG. Presentations were made by ExxonMobil, Oil Search (shortly
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