Minister Maru added, “While Indonesia has historically relied on imports of manufactured goods, superior expertise, and technical expertise, it has successfully transitioned from a major sector economic system to a minimum of one targeted on secondary and tertiary industries. “Downstream processing has been extremely profitable in Indonesia, creating thousands of jobs, transferring higher-value skills, and introducing superior technological processes. The nickel SEZ at Weda Bay alone created eighty,000 direct jobs and 12,000 indirect jobs—more jobs than PNG’s entire mining and petroleum industries mixed. In 2022, funding in downstream mining surged to virtually US$9.2 billion, compared to US$4.1 billion in 2019,” Maru famous, emphasising the numerous function these investments have performed in Indonesia’s mining business. The Indonesian Government has beneficial that PNG undertake a similar strategy and implement a ban on raw materials exports.
Indonesia, our closest neighbour, has efficiently navigated this path and is now a formidable participant on the global stage. He revealed that two Indonesian firms have expressed curiosity in multi-billion kina rice and recycling projects in PNG, with proposals under evaluate for approval by the National Executive Council . “This marks the beginning of a brand new period for PNG as we shift our commerce and funding focus to Indonesia,” Minister Maru concluded. The Bank of Papua New Guinea formally launched the Kina and Toea Exhibition, a display celebrating the nation’s wealthy financial history and the 50th anniversary of Papua New Guinea’s forex. This event, held as part of the Bank’s fiftieth anniversary celebrations, coincides with the upcoming fiftieth anniversary of PNG’s independence in 2025.
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The Kina and Toea Exhibition was launched on 29 August and continued from 30 August to six September 2024 on the National Museum & Art Gallery in Port Moresby. The exhibition provided a possibility to explore the fascinating history of PNG foreign money and its distinctive place within the nation’s development. Displaying cultural richness and diversity, attendees had been reminded of the importance of currency as a reflection of PNG identity, values, and traditions. The Assistant Governor of Corporate Affairs, Mr Ron Sikar, gave the opening speech and formally Business News declared the exhibition open on behalf of the Governor of BPNG, Elizabeth Genia, in her absence. “It is an honour to face earlier than you at present as we open the Kina and Toea Exhibition, a showcase of our nation’s wealthy and evolving economic history as a part of the Bank’s fiftieth anniversary celebrations,” Governor Genia mentioned. She highlighted that the occasion is especially significant because it precedes the fiftieth anniversary of each the nation’s currency and the nation itself.
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Richard Maru, has highlighted Papua New Guinea’s new focus on attracting Indonesian investments following current high-level engagements between the 2 nations. These embody State Visits by the Heads of each countries, a commerce and investment mission led by Deputy Prime Minister Hon. John Rosso, and the signing of a Joint Declaration establishing a high-level Dialogue and Cooperation Mechanism. Minister Maru remarked, “Indonesia’s economy has grown tenfold over the past 20 years, driven in part by the government’s policy of banning uncooked materials exports.
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