Tusi Tala, Staff Writer<\/p>\n\n\n\n
According to Papua New Guinea\u2019s 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\u2019s internal revenue, which funds its recurrent and development budgets, currently stands at just seven percent and needs to be increased to over 50 percent.<\/p>\n\n\n\n
Marape encouraged potential investors, whether partnering or acting individually, to consider Bougainville, stating, \u201cWaigani will not obstruct this.\u201d He emphasized that achieving economic independence is crucial for Bougainville\u2019s growth, asserting that financial stability would enable the region to pursue future initiatives.<\/p>\n\n\n\n
Local broadcaster NBC reported that Marape\u2019s 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. \u201cWe are also exploring this model to further empower them economically,\u201d he noted.<\/p>\n\n\n\n
He acknowledged that building this economic foundation will take time, but emphasized the importance of engagement and welcomed investors, declaring Bougainville \u201copen for business.\u201d Marape called for increased collaboration to revitalize the region\u2019s economy.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tusi Tala, Staff Writer According to Papua New Guinea\u2019s 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\u2019s internal revenue, which funds its recurrent and development budgets, currently stands at just seven percent and needs to be…<\/p>\n","protected":false},"author":2,"featured_media":745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bouganville"],"_links":{"self":[{"href":"https:\/\/pacificislands.news\/index.php?rest_route=\/wp\/v2\/posts\/744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pacificislands.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pacificislands.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pacificislands.news\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pacificislands.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=744"}],"version-history":[{"count":0,"href":"https:\/\/pacificislands.news\/index.php?rest_route=\/wp\/v2\/posts\/744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pacificislands.news\/index.php?rest_route=\/wp\/v2\/media\/745"}],"wp:attachment":[{"href":"https:\/\/pacificislands.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pacificislands.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pacificislands.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}