PNG Economy Gets Major Boost from Port Moresby Growth

Rapid urban expansion and billions of kina worth of investment projects are helping Port Moresby account for around 30 per cent of Papua New Guinea’s gross domestic product, according to NCD Governor Powes Parkop.

The Governor said the nation's capital continues to attract substantial private and public investment, strengthening its role as a key economic engine for PNG while creating new opportunities in housing, commerce and infrastructure.

Mr Parkop made the remarks during the official groundbreaking ceremony for Kumul Consolidated Holdings’ K148 million commercial development at Fairfax Harbour on Monday.

 PNG Economy Gets Major Boost from Port Moresby Growth/File Photo

He outlined a range of investments currently active across the city, including K2.63 billion in residential developments, K1.36 billion in infrastructure projects, K1.17 billion linked to economic activity and K326 million invested in public facilities.

The Governor said these figures reflect the pace at which Port Moresby is expanding and the confidence investors have in the capital’s future.

Among the major projects highlighted were the K350 million Paga Hill Paradise Estate, the recently opened K400 million Noble Centre, the Hela 1 and Hela 2 developments and the ongoing Hilton Hotel expansion.

Mr Parkop said much of the city's momentum is being driven by residential construction, which continues to attract supporting commercial and service developments.

He called for closer cooperation between government agencies, municipal authorities and developers to ensure growth is properly managed and delivers lasting benefits for residents and the wider country.

The Governor said Port Moresby serves as PNG’s main gateway through its port and airport facilities, making its continued development important to national progress.

He added that city authorities remain committed to working alongside relevant agencies to maintain public safety as investment activity increases.

“So massive development is already taking place in the city, and the potential for the future is out there.

“Infrastructure and other social development are taking place in the city. In fact, in the last five to six years.”

“At my vantage point as governor, chairman of our municipal government, we work with all the developers, private and now public, too, to ensure that what we deliver adds value to the city and enhances the city and promotes the city.

“And that's very important, not just for the city, but for the entire country. We are the gateway, the main seaport of our country, and airport.”