Sydney: Papua New Guinea (PNG) Prime Minister James Marape said here on Tuesday that the South Pacific nation wanted to identify with a green economy, and its characteristics in the next 10 to 20 years must evolve into an economy powered by green energy sources.
Marape said at the fireside chat section of the PNG Investment Leaders Summit that PNG’s potential advantage for investors is a greener economy, Xinhua News Agency reported.
He said that PNG’s forests and oceans present opportunities in terms of carbon footprint offset, making the country a nation with a negative carbon footprint. He added that PNG’s heavy investment in the law and justice sector could further boost investor confidence.
The PNG Investment Leaders Summit is the flagship forum of the PNG Investment Week, which is being held in Sydney from Dec. 8 to 11. Hosted by the PNG Chamber of Resources and Energy, the PNG Investment Week this year, under the theme of “Strong Together — Investing for the Future,” expanded focus on infrastructure, agriculture, finance, digital innovation and renewable energy.
While delivering his keynote speech at the summit, Marape said that the PNG government has shifted focus. Whilst maintaining focus on mining and petroleum, it has shifted its focus to the non-mining and non-petroleum sector, including agriculture, forestry, fisheries, manufacturing, construction and tourism.
Australian Prime Minister Anthony Albanese said in his keynote speech at the summit that Australia is committed to remaining a proud and reciprocal economic partner of PNG.
“PNG’s exports to Australia continue to flourish. And while raw materials are an important feature of our trade relationship, they are by no means the whole of it,” he said, adding that Australia invests in projects that support local jobs, construction and supply chains within PNG.
(IANS)
