Prime Minister James Marape has highlighted the advantageous exchange rate of the Kina for exporters in Papua New Guinea, describing it as a pivotal opportunity for businesses. He encouraged exporters, farmers, cooperatives, and producers to take advantage of the current market access and the surging global demand for local goods.
Marape stated, “At present, the Kina exchange rate is favorable for exporters,” emphasizing that exporting can generate higher revenues for businesses. He urged stakeholders to prioritize domestic production to meet nearby market needs, despite the ongoing unpredictability in the global economic context.
The Prime Minister underscored Papua New Guinea’s strategic position, noting the country’s robust bilateral and multilateral relationships that provide extensive access to international markets. This includes connectivity with 13 G20 economies, development of ties with Middle Eastern countries like Saudi Arabia and the UAE, and established partnerships with nations such as the United Kingdom, Europe, the United States, and Canada. Moreover, he mentioned solid relations with major economies in Asia, including China, Japan, South Korea, Australia, New Zealand, and various Southeast Asian nations.
Marape also called upon provincial governments to analyze their local economic resources and join forces with the national government to improve productivity. He urged local leaders to thoroughly assess the resources available in their regions to identify collaboration opportunities that could enhance production.
With this assertive approach to leveraging the current economic landscape, Marape expressed optimism about Papua New Guinea’s capacity to satisfy escalating global demand for its exports and to fortify its status in the international market. This proactive stance may pave the way for enhanced economic stability and growth in the region.