PNG PM Marape maps road to K200 billion economy at business forum

Papua New Guinea Prime Minister James Marape has outlined an ambitious but measured pathway to lift PNG into a K200 billion economy, telling business leaders that reform, diversification and confidence-building must remain national priorities as the country enters its post-50th year phase.

Addressing the 16th Prime Minister’s Back-to-Business Breakfast in Port Moresby, Mr Marape said PNG’s Golden Jubilee was not a time for symbolism, but a point for honest national stock-take and decisive economic direction.

 PNG PM Marape maps road to K200 billion economy at business forum

He reminded the private sector that when his government assumed office in 2019, the economy was valued at about K79 billion following a recession and declining investor confidence, conditions later worsened by the global COVID-19 shock.

Despite those pressures, Mr Marape said his government chose to stabilise the economy while maintaining essential services and development spending, resulting in more than K50 billion being added to national output between 2019 and 2025.

By 2026, he said the economy was estimated at K132 billion, achieved even before the full restart of major resource projects, supported by tough reforms including allowing the kina to adjust to market conditions.

Mr Marape said the result was renewed foreign exchange availability, improved business activity and five consecutive years of economic growth averaging above four per cent, while inflation remained below historical levels.

He told the gathering that PNG’s future growth must extend beyond oil, gas and mining, pointing to agriculture, fisheries, manufacturing, tourism and human capital as equally critical economic drivers.

The Prime Minister said sustained growth in the non-resource sector over the past four years showed that the government’s diversification strategy was delivering results, while reaffirming strong backing for SMEs, land mobilisation and export-focused investment.

He also highlighted major investments in infrastructure, including over K1.5 billion in electricity upgrades, alongside Cabinet approval of a K11 billion, 10-year education investment plan to build a skilled workforce.

On resource negotiations, Mr Marape said discussions on projects such as Wafi-Golpu, Papua LNG and Porgera were ongoing, with the government focused on securing long-term national value.

Calling on the private sector to partner with government, he said the shared goal was a larger economy capable of supporting jobs, services and improved living standards, adding:

“Let us work together to grow this economy to K200 billion and beyond — for this generation and those to come.”