Maru: Special Economic Zones key to transforming PNG’s economy

Papua New Guinea must take bold steps to transform its economy and secure full economic independence by 2032, says Minister for International Trade and Investment Richard Maru.

Speaking at the opening of the three-day Second Special Economic Zones [SEZ] Summit 2025 in Port Moresby today, Maru said SEZs will be a catalyst for growth and prosperity in the years ahead, unlocking the nation’s vast economic potential.

Held under the theme “Reflecting on Our Past 50 Years and Charting the Next 50 Years,” the summit brings together prominent speakers and experts from both PNG and abroad to share knowledge, experiences, and insights on shaping the future of SEZs in the country.

Despite being rich in natural resources, PNG’s economy remains underdeveloped. After 50 years of independence, the country’s GDP stands at just $32 billion [US dollars], or roughly K100 billion, which Maru described as low by global standards.

“PNG is not as rich as many think. In fact, by international benchmarks, we are poor and have not fully realized our economic potential,” Maru told delegates.

He outlined the government’s plan to stop borrowing by 2027 and generate sufficient domestic revenue to meet the country’s needs.

“Economic independence means PNG will no longer borrow. Our target is to achieve this by 2027, and by 2032, we aim to stand on our own two feet as a truly independent economy,” he said.

Maru said that if SEZs would be properly structured and managed, can attract investment, create jobs, diversify the economy, and drive PNG towards its goal of self-reliance.