The 2nd Special Economic Zone (SEZ) Summit is currently underway in Port Moresby city, where much was presented and dialogues held between delegates after receiving assurance from the Prime Minister, of Papua New Guinea (PNG) being an investor friendly country. Prime Minister James Marape spoke at the opening of the Summit, stating that investors will receive VIP treatment should they choose to do business in any of the eight (8 SEZ projects coming in the country. “I want to give you full assurance that any and every incentive that is out there, we will make sure we give to those of you who find resident in our special economic zone or a special economic zone that you may propose, so that you settle, you participate in business,” he said. Prime Minister Marape painted a good picture of the country’s economy to the visitors, saying that PNG’s economy has grown from K79 billion in 2019 when he took office to about K132 billion today, with a long-term target of reaching K200 billion before 2035. “Since independence in 1975, we have over-relied on the mining and petroleum sectors. But for the first time in decades, the non-resource sectors of our economy have grown at around 4% annually for four years in a row,” Prime Minister Marape said. Having said that, the Prime Minister then reassured investors that PNG respects agreements and provides a safe, democratic environment for business. “We may not like every agreement signed in the past, but as a government we do not tear up contracts. We honour them until they expire. That is the confidence investors need,” Prime Minister Marape said. Looking ahead, the Prime Minister said the SEZ initiative is part of a broader vision to grow PNG into a K500 billion economy by 2045, backed by about 20 proven petroleum and mineral projects and downstream opportunities in agriculture, fisheries, and forestry. Marape also underscored PNG’s growing role in the international arena, noting its membership of APEC, ASEAN (soon to be full), and the Pacific Islands Forum, while maintaining strong ties with Australia, China, ASEAN neighbours, and the wider Indo-Pacific. He said PNG is not interested in any geopolitical agenda but just wants to do good business with its partners, old and new ones. The PM then urged investors not to leave the country without forging partnerships with local Businesses.