PNG governor urges country to reduce reliance on extractive industries
Papua New Guinea must diversify its industries and create a culture of savings
Papua New Guinea (PNG) must work towards reducing its dependency on extractive industries, and develop a better savings culture, the governor of the country’s central bank has said.
Speaking on July 7, Loi Martin Bakani said the economy is heavily dependent on the resource extracting sector, mainly mining, petroleum and gas, urging the country to develop more sustainable sectors such as agriculture and tourism.
“These are where the bulk of our population live and where we can achieve
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