Bougainville must get more from tax revenue says Prime Minister Marape

The internal revenue supporting Bougainville’s recurrent and development budgets is only at 7 percent and must be raised to over 50 percent to adequately support the Special Region’s autonomous restructure aspirations.

Prime Minister James Marape made this statement on Wednesday at the PNG Investment Week in Sydney, Australia.

“Bougainville needs to be economically strong,” the prime minister made this reflection on the peace process, including the referendum of 2019 and current efforts by his government toward processing referendum results in Parliament.

“Any investors willing to take up residency in Bougainville, whether in partnership or individually, you are all most welcome. Waigani will not stand in the way.

“We must start with economic independence as the fundamental tool to grow Bougainville; that once it has the money, it can sustain any endeavour into the future.

As part of the Marape-Rosso Government’s move to financially strengthen the autonomous region, Government is transferring all its shares held in Bougainville Copper Limited to the ABG, with Prime Minister Marape saying further that under the revenue-sharing arrangements, he is considering Bougainville keeps all revenues raised from the mine.

“We are also looking into this model to economically empower them further. This will take time, but it starts with these sorts of engagements so I welcome any investors out there. Bougainville is open for business,” Mr. Marape said.

“There is now a need for greater collaboration to resuscitate Bougainville’s economy and I welcome investors to his special region of ours.”