MITI and Superfunds to enter into a Strategic Partnership

The Ministry of International Trade and Investment will be entering into a strategic partnership with the superannuation funds to raise capital to invest in Special Economic Zones and national transformational projects like the planned acquisition of shares in the Ramu Agri Industries.

This was discussed in a meeting this morning between the Minister for International Trade and Investment, Hon. Richard Maru, and the CEO of Nasfund & Chairman of Pacific Island Investment Forum (PIIF), Mr. Rajeev Sharma, on the margins of the PNG Investment Week in Sydney.

“My Ministry will partner the superannuation industry of PNG and the Pacific by entering into a Memorandum of Understanding (MoU) with PIIF. The Marape-Rosso Government do not want only the foreign companies to benefit from tax incentives; we also want our Papua New Guinean companies to invest and when our superfunds invest, they are investing on behalf of thousands of our citizens so it is very important that we sign this MoU in January,” said Minister Maru.

Mr. Sharma said the MoU will be drafted and will be ready for signing in January next year for investment drive.

Plans to reform the Capital Market of PNG was also discussed in the meeting.

“We want to look at how we can provide tax incentives for companies right across the world to list on our stock market so more financial products will be offered on the market for our domestic investors. Our citizens are currently spectators in their own country. They are only getting 1.5 percent interest by investing in the commercial banks when they could be earning 10 to 15 percent in return of investment from investing in a stock market," said Minister Maru.

"We also want to rebrand, rename and list the Pacific Balanced Fund to reflect PNG ownership for massive funding drive in the new year. We will host a Capital Market Summit in PNG next year where we will discuss this and also learn from other countries like India where everybody is involved buying and selling on the stock market,” he added.

Ends…//

UNFOUNDED ALLEGATIONS AND DEFAMATORY PUBLICATIONS REGARDING MINISTERIAL CONDUCT AND DEPARTMENTAL PERFORMANCE

 Formal Response to Mr. Eoin Vladmir Quai

I refer to the series of public statements you have recently published on Facebook. These posts contain serious allegations aimed at discrediting my professional reputation and my performance as a State Minister. While I understand you have announced your intention to contest the Yangoru-Saussia seat in 2027, political ambition does not grant you the license to publish falsehoods.

My response to your specific allegations and critiques is detailed below, structured by subject matter to ensure absolute clarity.

1. Allegations Regarding State Equity Funds

You have alleged that State Equity Funds allocated to my Ministry were utilized to build roads and other infrastructure projects. This statement is demonstrably false.

I categorically state that no State Equity Funds held by my Department have been misappropriated or misapplied for such projects during my tenure. By implying that I have misappropriated funds, you are directly accusing me of criminal conduct. This constitutes a grave defamation of my character.

I challenge you to provide immediate public evidence to support your claim. You must detail exactly when my Department released State Equity Funds for these specific road projects and provide the payment details for the years 2024 and 2025. As a lawyer, you are well aware that publishing non-factual statements that damage a reputation constitutes defamation. If you cannot provide this evidence, you have committed a serious legal transgression.

2. The East New Britain Oil Palm Investigation

Your criticism regarding the recent investigation and Court-mediated agreement in East New Britain is perplexing. This agreement resulted in a historic victory for our farmers, securing a 7,000 percent price increase after a decade of negligence, alongside a K30 million payout for underpayments, subject to court-verified claims.

This decision is transformational for the industry. By attacking this outcome, you raise serious questions about your own motives. I must ask:

●Are you suggesting the farmers did not deserve this justice?

●Are you undermining the competence of the two Senior Judges who presided over this matter?

●Are you implying that the senior counsel

representing all parties were incompetent?

I intervened in this matter because complaints to OPIC and the Provincial Government had gone unanswered. I was duty-bound to act on behalf of 15,000 farmers to ensure the industry’s expansion through fair pricing. To dismiss this legal victory suggests a lack of understanding regarding the gravity of the Court's decision.

3. Policy Reform and Legislative Gaps (OPIC)

You have criticized the state of the industry without acknowledging the root cause: a legislative vacuum. Currently, the industry is governed solely by the OPIC Act, which is wholly insufficient. This gap has led to disparities in regions like Vanimo, Pomio, and Turubu, where investors operate without paying the prices enjoyed by farmers in West New Britain.

My criticism of the industry is both valid and necessary. I have submitted a report to the Cabinet outlining crucial reforms for a new Act to prevent a repeat of the East New Britain experience. Furthermore, the Minister for Oil Palm has successfully introduced an Oil Palm Policy, and we are awaiting the accompanying legislation to close these loopholes.

4. Progress on Special Economic Zones (SEZs)

Your commentary on the development of SEZs betrays a fundamental lack of experience regarding high-level investment negotiation and infrastructure development. Creating SEZs is a complex, multi-year undertaking, particularly given the challenges of land mobilization and the investment climate in Papua New Guinea.

Despite these challenges, under my leadership, we have successfully licensed four Special Economic Zones:

● Pacific Cement and Lime SEZ: Project Development Agreement expected imminently.

●Page Hill SEZ: Currently under construction.

●Sea Park SEZ: Currently under construction.

●PNG Trade Centre (5 Mile): Provisional License issued; construction has commenced.

These four zones alone represent K12 billion in new investments and will create thousands of jobs upon completion.

Furthermore, we have five additional SEZs in the pipeline.

5. Status of Specific Major Projects

●Pacific Marine Industrial Zone (PMIZ)

The Government owns 225 hectares, but land alone does not create a zone. We require wharves, power, and water. Consequently, we have spent twelve months negotiating a Joint Venture with RD, who own adjacent land, a wharf, cold storage, and a cannery. This partnership aims to build a new cannery creating 5,000 jobs—a strategic move to localize key industries.

●Abau

There is no State Land available in Abau. We are partnering with NBPOL to utilize their 5,000 hectares at Ramu Agri Industries to bypass immediate land mobilization delays.

●Sepik Plains

The Sepik Fresh Farm is operational but cannot meet demand. We are finalizing a K30 million investment for Stage 2 to double capacity, supported by Government infrastructure upgrades including sealed roads and new generators.

●Wafi-Golpu Project

As of December 2025, the Wafi-Golpu project is in the final stages of the regulatory process. The Government and the Wafi-Golpu Joint Venture (WGJV) participants (Harmony Gold and Newmont) have been working concurrently to finalize the Mine Development Contract (MDC) and the Special Mining Lease (SML 10). We expect to make a major announcement regarding these agreements at the Mining and Petroleum Conference in Sydney this month. It is crucial to understand that I view Wafi-Golpu as the necessary "anchor project" required to kickstart the proposed Labu Special Economic Zone (SEZ). While the mine itself is not an SEZ, it is essential to justify the construction of major infrastructure, such as new power generation and port facilities in Lae, which the Labu SEZ requires to succeed.

●Fisheries Joint Venture – Madang

The State of Papua New Guinea and RD Corporation have entered a historic 50/50 Joint Venture to domesticate the fishing industry, shifting the nation from a passive license collector to an active commercial fleet owner. This venture serves as the critical anchor project for the newly rebranded Madang Integrated Special Economic Zone.

I have acted as the primary political architect of this deal, aggressively driving the negotiations to structure the business terms and investment policy. While the National Fisheries Authority manages regulatory quotas, I oversee the SEZ framework that provides the necessary commercial ecosystem for the project to succeed. Under my leadership, a decisive Memorandum of Understanding was signed in May 2025, unifying the State, the Madang Provincial Government, and RD Tuna. We are currently concluding the final shareholder agreement to operationalize the company.

6. The Ultimatum

I have dedicated over 40 years to building a reputation based on professional delivery and political integrity. I will not permit an aspiring candidate to use defamation as a campaign tool. Your attempt to critique complex technical matters, such as land mobilization and international investment protocols, without a track record or technical competence in these areas is misguided.

I hereby demand that you retract your defamatory statements and publish a full apology on social media within seven (7) days of this notice.

Failure to do so will result in the commencement of legal proceedings against you for defamation and a criminal complaint pursuant to the Cybercrime Code Act 2016. You will then be compelled to prove your allegations in a Court of Law.

If you wish to challenge me, do so at the ballot box in 2027 based on policy and merit, not through libelous conduct.

________________________

Hon. Richard Maru, MP

Minister for International Trade and Investment

PNG Has Unlimited Investment Opportunities: Minister Maru

Brisbane, Australia, August 12, 2025- As we celebrate our country’s golden jubilee, we, as a country have undertaken a serious review of our economic progress over the last 50 years and we are frankly not happy with our economic performance.

This statement was made by the Minister for International Trade and Investment, Hon. Richard Maru, in his opening address yesterday to the delegates who had gathered for the 13th Business Advantage Papua New Guinea (PNG) Investment Conference in Brisbane, Australia.

Minister Maru gave an honest review of PNG’s economic performance in the last 50 years and the path to economic independence.

“Our GDP is only US$32 billion when other countries like Singapore (over US$501 billion), New Zealand (over US$252 billion), Japan (over US$4 trillion) and the Philippines (about US437 billion) who are less endowed with resources and smaller than PNG in terms of land size have done very well economically in the last 50 years. Our biggest failure since independence has been our inability to grow our economy and being able to generate revenue inflows and employment and business opportunities that our current population of over 10 million needs. That is why we have serious challenges including issues with cash flow, law and order, a declining kina, and we are running out of forex when we have eight resource projects in operation. These now demands us to come up with new policies and strategies, make the tough decisions, and formulate a new roadmap to lead us into economic independence by 2032,” said Minister Maru.

Minister Maru said PNG’s economy had the potential to grow despite the challenges.

“We have learnt our lessons over the last 50 years and we will not keep doing business the same way. We are using Special Economic Zones (SEZs) as our main vehicle to transform our economy with four SEZs already licensed and seven more to be licensed before the end of this year. We will go into downstream processing and value adding all our resources, replacing all imports that we can produce domestically like rice and cement, and growing our exports. We also have seven new resource projects in the pipeline that will be coming on line in the next 10 years. We have a very exciting journey ahead of us and PNG will be a very exciting and attractive investment destination despite our challenges. To our investors who are already investing in PNG, you need to stay put and invest in growing your businesses because the next 20 years will be the most exciting times in PNG's economic development. You have been with us in the difficult times and are assured of better times ahead of us. To those who wish to invest in PNG, first mover advantage is important - make your move now when the opportunities are here,” said Minister Maru.

Minister Maru said the Marape-Rosso Government will be aggressive and deliberate in attracting major investments.

“We have realized that we are competing with the rest of the world for the same investment dollars, hence, we are offering incentives within our SEZs for investments that will create the much-needed jobs, generate wealth, replace imports and value add our resources.  We are also insisting on Air Service Agreements with a number of countries for their airlines to arrive in PNG, starting with the United Arab Emirates (UAE) for Emirates to start arriving this year. We want to complement this with offering visa on-arrival. We have also established Trade Commission Service with already Honorary Trade Commissioners appointed to Australia, Indonesia and the Philippines. We are also working on entering into Comprehensive Economic Partnership Agreement (CEPA) with countries like the UAE, New Zealand, China and Japan to secure free market access for our goods,” said Minister Maru.

“It is significant that we open up our market access, bring down the cost of doing business, create competition, improve our law and order, unlock our customary land for investments, solve our power problems by bringing in more independent power producers, and provide visa on-arrival for more tourism and business inflows. Meanwhile, we are building and maintaining more roads under the Connect PNG Program with priority given to roads that have high economic values,” he said.

“We are making a new start and charting a new course to unlock our unlimited opportunities to be an economic powerhouse and a very prosperous nation given our vast natural endowments. It has taken us 50 years to get here, but we are now awake, we have learnt and we are ready to make the tough calls including changing our resource laws to go into production sharing. Our focus will be on replacing imports, downstream processing, starting new industries and growing industries like oil palm to increase exports,” added Minister Maru.

Minister Maru further invited potential investors to attend the upcoming 2nd PNG SEZs Summit that will be hosted in Port Moresby from August 31st to September 3rd as it would be a great opportunity to learn more about the investment opportunities in PNG, establish new partnerships and canvas new and exciting business opportunities.

Ends…//

Approved for Release

Hon. Richard Maru, BTech, MBA, OBE, MP

Minister for International Trade & Investment

Sri Lankan Coconut Giant Eyes Madang for Joint Venture Processing Plant

 PRESS RELEASE

Port Moresby, May 14, 2025- The management team of a Sri Lankan large-scale coconut-based food and beverages manufacturer/exporter, yesterday, met with the Minister for International Trade and Investment, Hon. Richard Maru, to express their keen interest to set up a coconut processing plant in Madang Province under a Joint Venture arrangement with the local investors.

Jaindi Export Pvt Limited has two processing plants in Sri Lanka and, under the brand name ‘econutrena’, they offer expanding and diversified product portfolio, ranging from coconut cream, coconut milk, coconut oil, coconut sugar, coconut butter, coconut whipping cream, coconut ice cream, coconut vinegar, coconut virgin oil, coconut water, coconut flour, coconut chips and coconut milk drinks (to name a few) to their worldwide clients including supermarket chains and high-end supermarkets, food companies, hotels, and the cosmetic industry in Europe, North America, Japan, Australian, Germany, Netherland and other developed countries. Their products are 100 percent organic and are certified under different local and international certifications including USDA Organic, Fairtrade, ISO 22000, Control Union Certifications, Business Social Compliance Initiative, and others.

The Minister for International Trade and Investment, Hon. Richard Maru, said: “Our Government together with the Madang Provincial Government are very keen to work in partnership with the Jaindi Export and Kokonas Indastri Koporesen (KIK) to develop the proposed processing plant in Madang that would have the capacity to process up to 100,000 coconuts per day to produce high-end coconut products. This is a long overdue initiative and I am so delighted that they are keen to start this project. We have been waiting for partners to help us to go into downstream processing of our coconuts to produce high-end products for the global market.”

“Coconut industry is one of the industries in our country that has been around for a long time, but we have been semi-processing and that is one thing that our country and our Government does not want anymore. We do not need to export coconut oil anymore. We want to process our coconuts into final products to maximize our value, create more jobs, and encourage the industry to grow if our people can see a better value.”

“Jaindi Export’s already have big clients in Australia including Woolworths and it is cheaper to supply Australia from PNG rather than from Sri Lanka.”

Minister Maru further stated: “The biggest thing is, we must offer a good price to the farmers for the coconuts so they will be attracted to supply the nuts to the processing plant. This is critical. The products manufactured in the proposed plant must also carry the ‘PNG Made’ logo so the world will know that these coconut products are from PNG.”

Minister Maru encouraged the investor to provide him with a full investment proposal outlining the capacity, production, equity, and the financial and operational viability of the project.

“We look forward to receiving Jaindi Export’s full investment proposal next week,” said Minister Maru.

Minister Maru confirmed that equity will not be an issue.

“I will also work very closely with the Madang Provincial Government to secure 10 hectares of land in Madang for this very important investment that will transform the coconut industry in PNG,” said Minister Maru.

“I want to thank the Managing Director of KIK, Mr. Alan Aku for arranging this important investment mission for this company to meet with me and other key stakeholders,” added Minister Maru.

Ends…//

Approved for Release

Hon. Richard Maru, BTech, MBA, OBE, MP

Minister for International Trade & Investment

PRESS RELEASE: Minister Maru Demands Immediate Review of Import Tariffs

Port Moresby, May 9, 2025- The Minister for International Trade and Investment, Hon. Richard Maru is calling for an immediate review of import tariffs to give protection to local industries who are struggling to compete against cheap and dumped imports. Minister Maru expressed his deep dissatisfaction with the current way tariff policy is being administered, which he described as being done “unilaterally, discriminatorily and arbitrarily”.

The Minister explained that the Tariff Reduction Program (TRP) was an externally imposed condition under the broader structural adjustment program, which began in 1999.

“The tariff reduction program was agreed to be implemented with the view to encourage economic efficiency and boost productivity. Lowering tariffs was also seen as a way to encourage a competitive private sector by gradually exposing them to foreign competition. Under the tariff review program, almost 80 percent of import tariffs have been liberalized with protective rates being progressively reduced.”

Minister Maru queried the economic benefits promised under the tariff reduction program.

“Papua New Guinea’s economic structure remains largely unchanged since the implementation of the program. Local manufacturing accounts for only 3 to 6% of GDP with the country continuing to be heavily dependent on exports of raw commodities and imports of goods and services that can be locally produced and manufacturing companies have remained stagnant over the years with not much growth.”

Minister Maru explained that some countries and foreign businesses have been engaged in unfair trade practices using subsidies to gain competitive advantages over highly vulnerable countries like Papua New Guinea (PNG) which are currently not equipped with the legislative and technical capacity to respond to cheap, dumped imports according to agreed international procedures of the World Trade Organization.

“PNG’s production costs are higher than most of our trading partners, and without the use of government sponsored subsidies, their products would not be as competitive in international markets. These cheap dumped goods are then imported into PNG and sold at lower than normal market prices posing steep competition for local manufacturers who are forced to scale down operations just to survive or even in some cases, close operations. Tariffs are, therefore, an important trade policy instrument that can address unfair trade practices,” said Minister Maru.

Minister Maru further highlighted that other countries have successfully leveraged tariffs as a negotiating tool to encourage investment into their local manufacturing industries rather than use them for fiscal purposes only.

“With most of PNG’s tariffs already zero rated, and any remaining protective tariffs envisaged to be progressively reduced under any future tariff reduction program, PNG is essentially giving away its bargaining chips when it comes to negotiating future free trade and investment deals. Through the tariff reduction program, PNG has allowed countries to freely access our markets with nothing in return.”

Minister Maru also questioned why key agencies responsible for trade and investment were left out in final decisions on tariff setting.

Minister Maru further stated: “The global trading economy is also undergoing substantial transformation driven largely by advancements in digital technology and rising geo-political tensions, PNG’s national tariff policy should therefore respond to the new realities of conducting commerce in a changing trading environment. Therefore, I am calling for an immediate and complete review of the tariff reduction program with an emphasis on inclusive and comprehensive stakeholder engagement.”

Minister Maru has directed the National Trade Office, with support from the Department of International Trade and Investment, to work with the Department of Treasury and establish a Tariff Working Group which should include agencies responsible for trade and investment, as well as private sector and the broader business trading community.

“This Group will look into strategies in which PNG’s Tariff policy can contribute to attracting investments as well as growing the domestic manufacturing sector and future trade arrangements,” said Minister Maru.

Ends…//

Approved for Release

Hon. Richard Maru, BTech, MBA, OBE, MP

Minister for International Trade & Investment

Minister Maru Opens U.S Tariff Review Workshop

 PRESS RELEASE

Port Moresby, April 15, 2025- The Minister for International Trade and Investment, Hon. Richard Maru, yesterday, opened the Consultation Workshop organized by the Department of International Trade and Investment and the National Trade Office on the total review of the full impact of the new U.S tariff increases.

Minister Maru told the participants from both Government and the private sector to provide input on this assessment of the full impact of the new U.S Tarriff increases to major trading partners including Australia, New Zealand, Fiji, Vanuatu, Papua New Guinea (PNG) and many others.

Minister Maru said: “We must also assess the impact on industries that depend on U.S imports like Air Niugini who mainly import aircraft parts from the U.S. While coffee is one of our major exports to the U.S, can we not replace the U.S market with new markets like Japan and New Zealand instead of depending on the U.S Market? PNG does not impose tariff on services from the U.S and this is one area we need to look at. We also need to look at the Fisheries Access we give to the U.S fishing companies who fish and catch tune in our EEZ under our Bilateral Agreement. This is a good opportunity to look at the totality of our overall trade and investment relationship with the U.S. No stones should be left unturned.”

“The U.S President Donald Trump claims this action is necessary to make U.S great again. There is so much speculation like the U.S President is doing this as a short-term measure to get the stock market to crash so a lot of his fans and supporters can buy stocks at a very cheap prices. Nobody really knows the true intentions behind this U.S decision. Only time will tell whether this is a long-term measure to grow the U.S economy and make U.S great again or it is a short-term measure to achieve some personal agenda.”

Minister Maru further stated: “The actions of the U.S has totally undermined the rules-based multilateral system administered by the World Trade Organization (WTO) which PNG is a member of. The U.S is now bringing in protection not seen and experienced by the world in over 10 years and the world has to decide whether to have US in the WTO family or throw the U.S out while the rest of the world carries on with the rules-based multilateral system.”

Minister Maru also told the participants at the workshop to review PNG’s tariff structure and consider what support the Government should be giving especially the manufacturing industry.

Minister Maru requested a full report of the review including recommendations to be presented to the NEC for the Government to consider.

“I want the review completed before the end of this month,” said Minister Maru.

Ends…//

Approved for Release

Hon. Richard Maru, BTech, MBA, OBE, MP

Minister for International Trade & Investment

Minister Maru Directs Securities Commission of PNG to Investigate Newmont Corporation for Breach of Agreement

PRESS RELEASE...

FOR IMMEDIATE RELEASE 10-12-2024 Port Moresby, December 11, 2024 –

The Minister for International Trade and Investment, Hon. Richard Maru, has expressed grave concerns over Newmont Corporation’s decision to shift its country office to Australia, an action that represents a direct violation of the commitments outlined in the Memorandum of Agreement (MOA) with Papua New Guinea (PNG). Amongst others, one of the understandings reached on October 9, 2023, was for Newmont’s head office to be based in the country for mutual benefits, foster economic growth, and to uphold national interests.

The agreement obligated Newmont Corporation to prioritize its operational presence in PNG when acquiring Newcrest Interest, which is now being undermined by the closure of its PNG office. The Newmont Corporation have now made redundant its Country Manager in PNG and relocated its head office to Australia. This decision is a fundamental breach of trust and has significant negative implications for PNG’s economy and have violated the intended purpose of the MOA and section 277(6) of the Capital Markets Act 2015 and the National Goals & Directive Principals 3, 5 and of the Constitution.

The MOA emphasized Newmont’s commitment to advancing PNG’s national interests through job creation, tax contributions, and the promotion of local economic opportunities.

By relocating operations, Newmont directly negates these objectives, which were central to the partnership. Furthermore, the agreement included a critical pillar of wealth sharing, intended to ensure that the benefits derived from mining activities would directly uplift PNG’s 11 million citizens. The decision to redirect activities outside PNG erodes this opportunity, jeopardizing the broader economic and social benefits envisioned.

Additionally, the MOA was signed under the oversight of the Securities Commission of PNG, which granted regulatory approvals tied to specific conditions, including compliance with commitments to operate within the country. The move to Australia risks breaching these regulatory conditions, further compounding the situation.

Minister Maru stated, “It is deeply regrettable that Newmont Corporation, having entered into an agreement in good faith, is now disregarding its commitments to Papua New Guinea. Such actions have far-reaching consequences, including significant losses, reduced tax revenue, and the erosion of economic opportunities that were critical to the agreement.

“As a sovereign nation, we cannot and will not allow this breach to go unchallenged. I now direct the Securities Commission of PNG to take decisive action to ensure Newmont Corporation fulfills its obligations. Corporate responsibility is not optional— it is a cornerstone of mutual respect, partnership, and sustainable development and our government will not take it lightly”.

“PNG has always honoured its contracts with its investors since independence despite change of Governments. It is a slap in the face of PNG when we are in the negotiations which will lead to the granting of Special Mining Lease (SML) to Newmont for the Wafi-Golpu Project. Such bad faith at this time is regrettable. The Prime Minister Marape himself in Sydney at PNG Investment Week has repeatedly emphasized that any partnership or understandings with investors must seek win-win benefits to all parties including the State, provincial governments and the landowners. Newmont is not allowed to break its commitment by relocating its office to Australia."

The Securities Commission is immediately directed to work in collaboration with legal experts and other regulatory bodies to investigate and ensure Newmont is in compliance with the MOA.

These measures are vital to safeguarding PNG’s national interests and ensuring that agreements entered in good faith are upheld to the benefit of the country and its people.

Authorized for Release

HON. RICHARD MARU, BTech, MBA, OBE, MP

Minister for International Trade and Investment