Tusi Tala, Staff Writer
According to Papua New Guinea’s Prime Minister James Marape, Bougainville must strengthen its economy to support its independence aspirations. At the PNG Investment Week Conference in Sydney, he highlighted that the region’s internal revenue, which funds its recurrent and development budgets, currently stands at just seven percent and needs to be increased to over 50 percent.
Marape encouraged potential investors, whether partnering or acting individually, to consider Bougainville, stating, “Waigani will not obstruct this.” He emphasized that achieving economic independence is crucial for Bougainville’s growth, asserting that financial stability would enable the region to pursue future initiatives.
Local broadcaster NBC reported that Marape’s government plans to transfer its shares in Bougainville Copper Limited to the Autonomous Bougainville Government (ABG), and he is contemplating allowing Bougainville to retain all mining revenues under new revenue-sharing agreements. “We are also exploring this model to further empower them economically,” he noted.
He acknowledged that building this economic foundation will take time, but emphasized the importance of engagement and welcomed investors, declaring Bougainville “open for business.” Marape called for increased collaboration to revitalize the region’s economy.
Bougainville President Ishmael Toroama, also speaking at the conference, stated that the autonomous region has abundant mineral and energy resources with the potential for sustainable development and economic growth.
