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Investments by extractive sector fuel business growth in PNG

INVESTMENTS by the extractive sector in rural areas have spurred the growth in businesses, says PNG Chamber of Mines and Petroleum president Gerea Aopi.
He said these companies continued to invest millions in local communities to ensure the people could access health and education services, roads and electricity.
He said this during the Speaker’s Investment Summit held this week in Port Moresby.
“By developing infrastructure in remote areas of the country, the resource industry is contributing to improving the standard of living for many Papua New Guineans and investing in the long-term prosperity of local businesses and the economy of PNG,” Aopi said.
“As corner stores and manufacturers grow on the back of access to power, roads, ports and telecommunications, more people are employed, more taxes are paid and the PNG economy grows.”
Aopi said the industry:

  • contributed over 26 per cent of PNG’s GDP;
  •  paid around 80 per cent of the nation’s export revenue; and,
  •  provided employment to more than 20,000 Papua New Guineans.
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