President Toroama: Bougainville is open for business
The Autonomous Region of Bougainville made its first debut at the 2024 PNG Investment Week Conference in Sydney, Australia, delivering a clear message: Bougainville is open for business.
In his keynote address Bougainville President His Excellency Ishmael Toroama declared that Bougainville has worked hard since the end of the conflict in 1989, to position itself to emerge as a vibrant economy in the Pacific.
“We have been laying the foundations for an emerging economy through policy and legislation, in administrative capacity and in preparing our people. Now, we are sending out a signal that Bougainville is open for investment and trade,” he stated.
He emphasized Bougainville’s strategic advantages saying, “Bougainville is blessed with abundant mineral and energy resources that can be developed sustainably to grow an emerging economy.”
A milestone achievement in 2024 was the granting of the exploration licence to Bougainville Copper Limited, marking a critical step in the project’s re-development after 35 years.
“We have been working closely with the company and our local stakeholders to progress the project as well as to address the legacy impacts of the former mining operations,” President Toroama explained.
Looking ahead to 2025, President Toroama noted, “We are looking forward to 2025 as a year for increased onsite activities and of course increased economic activities related to the project. Abundant opportunities exist for involvement in the direct, indirect and induced economic activities around this advance stage of the exploration which will commence next year.”
Reflecting on Bougainville’s history, President Toroama called for responsible and inclusive resource development saying, “Bougainville continues to stand out as a lesson, a warning, a reminder of what not to do in resource sector developments.”
“We must take our landowners and local stakeholders on the development journey. In developing our mineral and energy policy and legislative frameworks; community affairs and local content participation are a major focus,” he said.
In the energy sector, Bougainville is seeking partnerships to meet its growing energy needs, especially with the redevelopment of Panguna looming.
President Toroama noted that in PNG, Bougainville remains at the end of the supply chain for fuel, resulting in some of the most staggering fuel prices in the Pacific. However, the ABG has been progressing developments to address some of these energy affordability and energy supply security issues.
President Toroama acknowledged the support of development partners such as Australia, New Zealand and the UN with some of the existing energy developments, however noted that Bougainville must embark on long-term solutions.
“The long term reliable electricity supply and access has to come from Bougainville’s primary energy resources in hydropower and geothermal after careful feasibility and supply chain cost benefit determinations have been established,” he said.
“The Green Energy transition is also a priority for us, we have abundant hydro and geothermal potential to tap into.”
President Toroama reiterated that while investment and trade opportunities exist in minerals and energy resources, fisheries, agriculture and tourism, the ABG’s priorities are focused on critical economic enablers.
“At this juncture, key priorities for us are also in the critical economic development enablers such as key infrastructure development like roads and energy infrastructure.”
In concluding his address, President Toroama issued an exciting invitation: “Come to Bougainville and be part of our journey.”
The PNG Investment Week Conference is an annual event hosted by the PNG Chamber of Resources and Energy, attracting over 2000 delegates this year.
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