"This is a time of great mutual opportunity," Taylor said.
"Australian investment in Papua New Guinea is at a high point, with a significantly increased number of Australian companies investing in the development of resources across the country".
Taylor, who is also Bougainville Copper executive chairman, said PNG was on the cusp of its next great resource development phase, with gas, oil, gold and copper meeting strong international demand.
A continuation in growing bilateral business relationships, advocating for good governance and encouraging mining revenue to be used for sustainable long-term growth in PNG are all top priorities for the president.
Taylor said the opening of the Panguna mine was a project for the future which the Bougainville government was keen to support.
"From a business council perspective, the opening of the Panguna mine is an important element in the economic recovery of Bougainville," he said.
"Bougainville Copper is keen to reopen the mine in consultation with other stakeholders, and so the company will work with all those stakeholders to try to reach a framework for reopening the mine," he added.
Taylor said Australians and Papua New Guineans had a long history of working positively alongside each other, which was an important asset in the modern global economy.