Prime Minister James Marape emphasized the favorable exchange rate of the Kina for exporters in Papua New Guinea. He stated that the current situation presents a significant opportunity for businesses, urging exporters, farmers, cooperatives, and producers to capitalize on the existing market access and the growing global demand for their goods.
Marape remarked, “At present, the Kina exchange rate is favorable for exporters,” noting that exporting can yield higher earnings for businesses. He encouraged stakeholders to focus on domestic production to supply markets that are within reach, despite the ongoing uncertainties in the global economic landscape.
Highlighting the unique position of Papua New Guinea, Marape pointed out the country’s strong bilateral and multilateral relationships, which provide vast access to international markets. This includes connectivity with 13 G20 economies, expanding ties with Middle Eastern nations such as Saudi Arabia and the UAE, and long-standing partnerships with the United Kingdom, Europe, the United States, and Canada. Furthermore, he noted strong relations with China, Japan, South Korea, Australia, New Zealand, and several Southeast Asian countries.
Marape called on provincial governments to evaluate their local economic resources and collaborate with the national government to enhance productivity. He urged local leaders to conduct comprehensive assessments of available resources to identify ways they can work together to boost production in their regions.
The Prime Minister’s message underscores a proactive approach to harnessing the current economic environment, expressing confidence in Papua New Guinea’s potential to meet the world’s increasing demand for its exports and strengthen its position in the global market.