PM Marape Invites US Investors to Explore PNG's Growing Economy

Papua New Guinea Prime Minister James Marape has called on American businesses to expand their investments in PNG, highlighting the country's resource projects, emerging industries and improving commercial environment during a high-level business meeting in New York.

Mr Marape made the appeal at a business roundtable hosted by the Business Council for International Understanding (BCIU) at the InterContinental New York Barclay last Thursday, bringing together US corporate executives, institutional investors and senior government representatives to discuss trade and investment opportunities between the two countries.

 PM Marape Invites US Investors to Explore PNG's Growing Economy/Photo supplied

The meeting was held during the United Nations General Assembly week in partnership with Newmont and Washington Global Advisors, with discussions centred on expanding commercial cooperation and shifting the relationship from traditional foreign aid towards trade-driven economic partnerships.

Mr Marape told the gathering that PNG was positioning itself as a competitive free-market economy, a democratic partner of the United States and a strategic gateway to Asian markets.

He said the Government was encouraging American companies to take advantage of investment incentives while contributing to employment, business development and economic growth in the country.

“Our message to the American business community during this UNGA week is clear: Papua New Guinea is moving from aid to trade,” Mr Marape said in a statement from New York.

“We want American companies to come in, utilize our special economic incentives, and achieve strong returns on investment while simultaneously driving local employment and economic growth.”

The Prime Minister identified major resource developments, including ExxonMobil's Papua LNG project and Newmont's Lihir and Wafi-Golpu mining operations, as key areas of investment interest.

He also outlined opportunities in renewable energy, agriculture, fisheries processing and digital infrastructure, encouraging US companies to consider projects in hydropower, geothermal and solar energy.

Mr Marape said PNG's economy had doubled in size since he assumed office in 2019, adding that the Government was pursuing a balanced budget by next year.

He further highlighted the nationwide rollout of Starlink as an opportunity to expand digital connectivity and attract investment in telecommunications and technology infrastructure.

US Assistant Secretary of State for East Asian and Pacific Affairs Michael G. DeSombre also addressed the meeting, describing relations between Washington and Port Moresby as stronger than ever.

Mr DeSombre emphasised the role of commercial partnerships in driving economic development, while referring to the US-PNG Framework for Strategic Cooperation and the Defence Cooperation Agreement.

On the investment climate, Mr Marape outlined legal and institutional reforms designed to strengthen investor confidence, including international-standard arbitration and mediation mechanisms and a new appellate court system.

He said PNG's judicial system provided safeguards for legitimate commercial agreements and protections for investors operating in the country.

The roundtable featured a question-and-answer session moderated by BCIU Vice President Max Horwitz, giving American business representatives the opportunity to engage directly with the Prime Minister and his delegation on potential investment ventures.

The PNG delegation included Foreign Affairs Minister Justin Tkatchenko, PNG's Permanent Representative to the United Nations Fred Sarufa, Ambassador to the United States Sir Arnold Amet and Deputy Permanent Representative to the United Nations Buri Gari.

Representatives from Newmont, Moody's, Walmart, Fortinet, World Fuel and Zipline International, alongside senior US government officials and other organisations, attended the discussions.