Thursday 25 January 2024
Bank South Pacific Chief Executive Officer, Mark Robinson, has expressed his enthusiasm for the economic potential of Papua New Guinea over the next decade.
Mr Robinson conveyed his confidence in the country’s trajectory to Prime Minister and Treasurer Hon. James Marape, in a meeting held on Tuesday 23 January 2024.
Prime Minister Marape however, highlighted the nation’s readiness for significant growth over the next 10 years, commencing in 2024, driven by the development of six major resource projects.
Emphasising his expectations for a substantial economic surge, Prime Minister Marape foresees Papua New Guinea achieving a noteworthy milestone, reaching a K200 billion economy by the year 2030.
These pivotal projects include the reopening of the Porgera mine, the progression of the Wafi-Golpu mine, and the strategic development of Papua LNG, P’nyang LNG, Pasca LNG, along with the promising new Wildebeest gas discovery by ExxonMobil in the Eastern Papuan Fold Belt.
“We want you to grow higher over the next 10 exciting years coming up,” Prime Minister Marape informed Mr. Robinson in the meeting.
Mr. Robinson expressed his confidence, stating, “I’m very excited, and there is a lot more we can do to serve the country and the region, and be more efficient.”
He further added, “The people of PNG benefit from our income as shareholders. About 85 per cent of the bank is owned by PNG. We’ve also got 10 per cent ownership from Pacific countries.”
The meeting between Prime Minister Marape and Mr. Robinson covered various important issues related to the PNG economy.
The shared optimism and commitment to growth underscore the collaborative efforts to harness the economic opportunities that lie ahead.