5 Feb 2013

PNG natural resources sector predicted to quadruple by 2030

3:39 pm on 5 February 2013

New research shows Papua New Guinea's natural resources sector could quadruple in size by 2030.

An ANZ Bank report predicts annual export revenues will grow to at least 25 billion US dollars requiring 130 billion US dollars worth of investment.

The bank says, with continued focus, growth could go even higher reaching 38 billion US dollars by 2030.

The report says resource-related capital investment would create 100,000 new jobs in mining, energy and support services.

In a speech in Port Moresby, ANZ's CEO Mike Smith, warned the significant competititon from other resource rich nations is a challenge and there needs to be continued focus on policies that boost capacity of the whole economy.

But he says he's optimistic about PNG's future because of increasing focus by the government, business and the community.