The Japan International Cooperation Agency (JICA) signed a Record of Discussions (R/D) with the Government of the Independent State of Papua New Guinea on October 18 in Port Moresby for the technical cooperation project “Resource Revenue Management Capacity Enhancement Project Phase 2.
Papua New Guinea is rich in natural resources such as oil, natural gas, and mineral resources, and the extractive industries account for 30% of GDP and approximately 90% of total exports. In order to ensure that the benefits generated by these industries are distributed throughout the country, the government of Papua New Guinea has joined the Extractive Industries Transparency Initiative (EITI), a multilateral cooperative framework, and through efforts to increase transparency in the flow of funds generated by the extractive industries, is promoting responsible resource development that will lead to growth and poverty reduction in Papua New Guinea. The government of Papua New Guinea is committed to responsible resource development that leads to growth and poverty reduction in Papua New Guinea.
© Source JICA