The inaugural Papua New Guinea Community Affairs and National Content Conference and Expo (CANCONEX) 2023 began yesterday in Lae, Morobe Province at the University of Technology.
In his opening address, Prime Minister James Marape strongly emphasized on the vital role of downstream processing of natural resources onshore as it enables local participation
“As we stand at the threshold of an exhilarating major resource boom spanning from 2024 to 2038, it is our collective responsibility to ensure that our local communities are active participants in this transformative journey,” Prime Minister Marape said.
While acknowledging the presence of global mining and oil conglomerates like Newmont, Barrick, ExxonMobil and Total, Prime Minister urged for their unwavering commitment to local content integration.
“Our policy mandates a substantial 60-65 percent local content across all major resource projects. It’s essential to distinguish that local content doesn’t jeopardize investor returns; it enhances the value that permeates our nation.”
Prime Minister Marape encapsulated the essence of the transformational vision, “Our trajectory hinges on harnessing our resources judiciously, propelling our communities forward. We stride toward a future where Papua New Guinea stands tall as a beacon of sustainable resource development, anchored in shared prosperity and holistic growth.”
The 2023 CANCONEX began yesterday and will end on Wednesday 30th of August have over 800 participants hailing from diverse regions of the country. The event was organized by the PNG Chamber of Mines and Petroleum, marks a turning point in shaping the nation’s resource landscape.
