PM: PNG GOVERNMENT RECOGNIZES PRIVATE SECTOR IMPORTANCE

Prime Minister Hon. Peter O’Neill reassured the private sector that his government appreciates the efforts by the business community to grow our economy and recognizes it as an important partner in nation-building.

Addressing business executives at a breakfast at the Royal Papuan Yacht Club in Port Moresby this morning, Prime Minister Hon. Peter O’Neill said his government will work closely with the private sector to address its needs.

“The government acknowledges that it is impossible for our economy to grow without the private sector,” he said.

The highlight of the breakfast was the launch of an Asian Development Bank (ADB) sponsored study called the ‘Challenges of Doing Business in Papua New Guinea: an analytical report by the Institute of National Affairs on the 2012 Business Environment Survey’.

Prime Minister Hon. Peter O’Neill said reforms are vital; hence the government has established the Sovereign Wealth Fund to secure the promising revenue from our oil and gas sectors.

“We have also reformed the budget process to have multi-budgeting projects, where quality projects are carried out over a longer period of time.

“We are also embarking on tax reviews for fairness on our investors, making PNG conducive for investment,” he said.

Prime Minister Hon. Peter O’Neill said the government is committed to rehabilitating existing infrastructure, with assistance from recognized financial institutions that promote economic and social progress in the Asia-Pacific region, like the ADB.

“Our government systems and public service may not be the best in the world but I can assure you that they will improve over time.

“The next five years will be vital for PNG, as we will receive substantial revenue from our oil and gas sectors. However, if we do not utilize these revenues wisely, we will lose out on all our wealth and resources,” Prime Minister Hon. Peter O’Neill said.

He said the coalition government, which he heads, will continue to remain focussed, in order to give assurance to the private sector, our people and foreign investors.

“We look forward to having an even better survey report in the next five years,” Prime Minister Hon. Peter O’Neill said.