Speaking yesterday during a press conference held in Port Moresby, in the presence of the Minister for Petroleum Jimmy Maladina, Kikori MP Eoe said PNG continues to lose value by exporting oil, gas and other resources only to import them back as expensive finished products.
“We export oil and gas to countries like Singapore and then buy them back at a high cost as diesel, petroleum and aviation fuel,” he said. “Singapore is an import-substitute economy. They add value. We do not.”
Minister Eoe said this model has left PNG dependent on imports while other countries benefit from PNG’s natural wealth.
“For a long time, governments have allowed this to continue,” he said. “We export our resources and watch other nations build their economies.”
The Minister said downstream processing must be prioritised to unlock economic opportunities, create employment and support industrial growth.
“That is where jobs are created. That is where real economic impact is felt by our people,” he said.
Minister Eoe said the idea was first advanced in 2017, when he was serving as Minister for Community Development, Youth and Religion. He later presented the concept internationally during APEC 2018, where it attracted strong interest from global leaders and investors.
He said the proposal was discussed at high levels during APEC, with representatives from major economies, including the United States and China, engaging in follow-up discussions.
The concept later evolved into the Integrated Specialised Services (ISS) initiative, which Minister Eoe described as a long-term national project that has continued to progress.
He confirmed that planning is now progressing for a New Special Economic Zone, supported by power generation and essential infrastructure.
“Once operational, the zone is expected to attract direct foreign investment and support local processing of raw materials.
“As soon as the infrastructure is in place, investors can build processing facilities,” he said. “That is how we turn raw materials into marketable products.”
Minister Eoe said gas development, particularly for domestic power supply, will play a critical role in supporting industrial growth and national energy security.
He also raised concerns about PNG’s continued reliance on imported food, using rice as an example.
“We import rice when we have the land to grow our own,” he said. “This dependence must change.”
Minister Eoe said the responsibility lies with the current generation of leaders to make bold decisions that will benefit future generations.
“We cannot continue exporting our wealth and standing by,” he said. “If we make the right decisions now, Papua New Guinea can build a stronger and more independent economy.”
##Source@ SUN PNG
By Theodro Psalmson| PNG SUN|
#pngsun #news
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