The PNG Asian Investment Conference has never been held before since Independence in 1975. This Conference is an inaugural one that signifies the importance of trade, commerce and relationships with the north.
Trade and Investments, cultural connections, and family relationships between Asia and PNG goes back to pre-independence and today PNGs economy is anchored by some who left their comforts and lived in PNG. You have the Sarimans, Wongs, Chans, Mutuvels Lae Biscuits Company, RH and many more. It’s not a new territory we are trying to venture into but an old pact that requires serious top level recognition hence the Inaugural Conference in Hong Kong.
The PNG-Asia Investment Conference boost confidence in PNG advancement visions as seen by Prime Minister James Marape to capture the Tiger Economy.
It’s a top marketing venue, for too long, this has never happened.
Thr inaugural meeting signifies PNGs progress in investments and businesses. Australia has a very big footing in Papua New Guinea.
It’s (Asian) pretense in PNG is very dominant, and there is no doubt that the politically and business correct strategy to align Investment as such Conference is a priority matter.
Prime.Minister Marape doesn’t have the time to meet every business man and women individually but collectively at such meetings, sidelines meetings can be well achieved.
The delegations of Ministers and others meant a great deal of significance for side meetings.
The PNG public cannot be naive in the number of delegates and how much money it spends. Our biggest buyers of Oil, Copper. Nickle, Gold, Gas, Fish, Agriculture products are Asian Nations. Let’s not be naive and speculate about a mere delegations and its punctuality. It’s shameful to read babysense commentaries by social media pundits.
You cannot just mark around and make feel good statements thinking you can garner perceptive support. The Asian Trade is very critical that keeps this country’s economy running.
The trade volume between Asia and Papua New Guinea is more than 65 – 70% that constitute almost half of PNGs revenue.
Asia is possibly the largest commercial center in the world with over 60 percent worlds businesses happening there. It’s a perfect hub for PNG to capitalize and enhance on its existing relationships and open up new markets.
The benefits surely already outweigh the expenses. PNG mostly exports to China ($2.71B), Taipei($697M), Korea($561M) and Japan($2.71B) in 2021.
There are about 4000 Foreign Businesses operating in Papua New Guinea. Almost 55% of these businesses are from Asia. China’s direct investment in PNG has reached US$1.9bn as of 2016 and has been increasing, with over 40 plus Chinese Companies operating in the country.
According to the PwC report, it expects the level of foreign investment from Asia into PNG to continue to grow, reflecting the increasing recognition of opportunities in PNG as well as the PNG Government’s desire to expand its trade with Asia.
PM Marape continued to embark on this venture knowing very well that our resources such as land and seas can bring wealth to our people. The Asian Market is key when we are in close proximity and key to pir progress.
