by Martin Haffner Associate Editor
Bougainville needs to be economically strong to support its bid for independence, Papua New Guinea’s Prime Minister James Marape says.
He told the PNG Investment Week Conference in Sydney this week that the internal revenue supporting Bougainville’s recurrent and development budgets is only at seven percent and needs to be raised to over 50 percent.
“Any investors willing to take up residency in Bougainville, whether in partnership or individually, you are all most welcome,” Marape said, adding that, “Waigani will not stand in the way.”
“We must start with economic independence as the fundamental tool to grow Bougainville; that once it has the money, it can sustain any endeavour into the future.”
Local broadcaster NBC reports the prime minister saying that his government is transferring all its shares in Bougainville Copper Limited to the ABG, and that under the revenue-sharing arrangements, he is considering Bougainville keeps all revenues raised from the mine.
“We are also looking into this model to economically empower them further,” Marape said.
“This will take time, but it starts with these sorts of engagements so I welcome any investors out there. Bougainville is open for business.
“There is now a need for greater collaboration to resuscitate Bougainville’s economy and I welcome investors to his special region of ours,” he added.
Bougainville President Ishmael Toroama speaking at the same conference said the autonomous region is open for business.
He said the region was “blessed with abundant mineral and energy resources” which had the potential to be developed sustainably and grow the economy.
