Marape Focuses on Revenue

BY GORETHY KENNETH - Post Courier

PAPUA New Guinea needs to be serious in improving on its economic and revenue gains from all its national assets, Finance Minister James Marape said.

He said at the closure of the national leaders’ summit in Port Moresby last Friday that the government and leaders should focus on how they could gain from forestry, fisheries, oil and gas, and agriculture, among others. “I take cue from prime minister’s intervention on forestry, we always talk about revenue and expenditure, but it should be that every district, province and our national leaders should start talking about improving our gains from national assets and that is something yet to be seriously addressed,” Mr Marape said.

“I now put to the table, our country has a huge asset base, look at forestry, we just heard that 75 per cent net take goes to the investors, PNG will be lucky to have 25 per cent.”

He said that future conversations should focus on how PNG could gain from national assets.

“We have a huge asset base in the country, translation of the balance sheet of what we have as asset into actual cash is not taking place,” he said. “Our resources in mining, oil and gas, fisheries, agriculture, forestry sector to name a few, look at timber, it is our easiest industry to make money, let’s take stock and see if our provinces can take charge.”

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