In February 1973 Michael Somare, the Chief Minister, announced in the House of Assembly an economic and social program which came to be known as the Eight Point Plan. The plan was, in effect, the platform of the PANGU Pati in the period immediately before Independence in 1975. The plan provided for:
- a rapid increase in the proportion of the economy under the control of Papua New Guineans;
- a more equal distribution of economic benefits including equalization of income among people and equalization of services among different parts of the country;
- decentralization of economic activity and an emphasis on agricultural development, village industry and internal trade;
- an emphasis on small-scale artisan, service and business activity;
- a more self-reliant economy less dependent upon imported goods and services;
- an increasing capacity to meet government expenditure from locally raised revenue;
- a rapid increase in the equal and active participation of women in all forms of economic and social activity; and
- government control and investment in those sectors of the economy where control was necessary to achieve the desired kind of development.
The plan was accepted by the House of Assembly.