Prime Minister James Marape has welcomed the overwhelming passage of landmark Capital Markets legislation in National Parliament today, describing it as a significant Reform aimed at unlocking domestic investment, strengthening Papua New Guinea’s Financial Markets and supporting the Government’s ambition of growing the National Economy to K200 billion by 2029–2030.

The legislation, presented by Minister for International Trade and Investment Hon. Richard Maru, received strong bipartisan support from Members of Parliament on both sides of the House before being passed by 76 votes to nil, comfortably exceeding the required absolute majority of 60 votes.

Speaking in support of the Bill, Prime Minister Marape said the legislation represented another important step in the Government’s continuing efforts to modernise Papua New Guinea’s Economy and create a stronger regulatory environment for investment and capital mobilisation.

“This is not a mistake. This was a work in progress,” Prime Minister Marape told Parliament.

“The Minister is bringing this to assist us in the construct of our economy. Since 2019, we’ve been working to grow our economy.”

Mr. Marape said the Government remained firmly committed to building a K200 billion Economy by the end of the decade, taking into account Papua New Guinea’s growing population and increasing demand for economic opportunities.

“By 2029, if not 2030, we must have a K200 billion economy. An economy the size enough to feed a minimum of 11 million people,” he said.

The Prime Minister noted that Papua New Guinea’s population was growing at approximately three (3) per cent annually, making sustained economic expansion essential to improving living standards and creating opportunities for future generations.

He said the proposed Reforms were particularly important as the country continued transitioning towards a larger and more diversified economy.