Papua New Guinea must be more than an exporter of raw materials and must embrace innovation and new technologies to open up new business opportunities, according to the president of the Asian Development Bank, Takehiko Nakao.

Asian Development Bank President Takehiko Nakao

Nakao was in PNG this week, meeting with senior government officials and business leaders.

Addressing members of the Port Moresby Chamber of Commerce and Industry, Nakao called on the government and business to be more creative and adapt to new and emerging technologies.

‘To achieve sustainable growth, PNG must become more inclusive, more integrated and more innovative,’ he said.

‘The government must use revenues effectively to restore and upgrade the national infrastructure network.

‘It must ensure that different parts of the PNG economy are well connected and that the benefits of economic growth are shared equitably.

Reforms and transparency

He emphasised the importance of continued reforms of state-owned enterprises and improving transparency of resource revenue management.

PNG also needs to work toward creating a financial system that supports small- and mid-sized firms, which have been a key source of innovation and job creation across the Asia and Pacific region, he said.

Since joining ADB in 1971, PNG has received 75 loans worth US$1.5 billion, as well as one Asian Development Fund grant worth US$15 million, and 148 technical assistance projects worth US$62.8 million. PNG is ADB’s largest partner in the Pacific in terms of loans for public and private sector development.

During his visit, the President visited the Rouna Power Station, which will be rehabilitated under ADB’s recently signed Port Moresby Power Grid Development Project, and Jackson’s Airport, one of the sites being upgraded under the Civil Aviation Development Investment Program.