PNG PM Boasts of K500 Million Investment Gains at Commonwealth Summit

PAPUA New Guinea has secured more than K500 million in new investments following its participation at the Commonwealth Heads of Government Meeting (CHOGM) in Antigua and Barbuda, with Prime Minister James Marape describing the outcome as a positive step towards strengthening the country's economic prospects.

Mr Marape said the PNG delegation, led by Foreign Affairs Minister Justin Tkatchenko, had successfully promoted the country's national interests while raising key development concerns affecting Pacific Island nations at the international gathering.

 PNG PM Boasts of K500 Million Investment Gains at Commonwealth Summit/File Photo

He commended the delegation for ensuring that PNG's priorities were represented in discussions on international financial reforms, democratic governance and sustainable climate financing.

Mr Marape said Pacific countries continued to face major challenges, particularly in securing affordable development funding, building economic resilience and responding to the growing effects of climate change.

"Our region faces significant development challenges, particularly climate change, access to affordable financing and economic resilience," he said.

"It is important that the Commonwealth continues to provide practical support to its smaller and more vulnerable member countries."

The Prime Minister also welcomed the summit's focus on reforming the international financial architecture and strengthening democratic institutions through the Nadi Declaration.

He highlighted several climate financing initiatives discussed at the meeting, including the Pacific Resilience Facility, Net Zero Fund and Aspiration Fund, saying such programmes were important in supporting vulnerable countries.

Mr Marape said PNG was strategically positioned to become a regional centre for Commonwealth cooperation and remained committed to working with other member countries.

"PNG is strategically positioned to serve as a regional hub for Commonwealth cooperation, and remains a committed and constructive member of the Commonwealth," he said.

He said the Government would continue pursuing partnerships that promote sustainable development, investment opportunities, democratic governance and stronger regional relationships.

Meanwhile, PNG has submitted an expression of interest to host a future Commonwealth Heads of Government Meeting, a move Mr Marape said reflected the country's confidence in its growing international standing.

He said hosting the prestigious gathering would provide another opportunity to strengthen diplomatic relationships and expand cooperation among Commonwealth nations.

"We will continue working with other member countries to promote sustainable development, economic opportunities, democratic governance and regional cooperation," Mr Marape said.