PM Marape acknowledges the PNG Resource Industry
Prime Minister Hon James Marape has expressed gratitude towards Papua New Guinea’s Mining and Petroleum Sectors, for the investor confidence they have in the country, and for supporting the country’s economic growth since 1975.
The PM expressed his views when delivering the keynote address of the 17th PNG Resources & Energy Investment Conference in Sydney Australia today.
Over 1, 500 delegates are in attendance at the conference, which started today and will end on Wednesday Dec 13.
The PM said in 1975, the country was a mere K5 billion economy, and in 2022, the economy was worth K17 billion. He said the country’s population during this period had almost tripled from what was 3 million in 1975, to 6- 9 million people in 2022.
He said this indicated that the population had been growing while the economy had been struggling. He said the economic growth rate between 1975-2022 had not been sufficient to support the country’s population growth.
Nevertheless, he attributed the economic growth to contributions from Mining & Petroleum sectors over the years.
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