The European Union (EU) Ambassador to Papua New Guinea, Jacques Fradin, has announced the fourth EU-PNG Business, Trade and Investment Conference set to take place in Port Moresby on October 30th, 2023.
Ambassador Fradin acknowledged their organizing partners; the Tourism Promotion Authority, National Trade Office, and the PNGF-Europe Business Council, for their invaluable support and cooperation in the preparation of the conference and its related events.
The UE aims to enhance partnerships with PNG and other Pacific countries through the enhancement of trade and investment opportunities.
“At the heart of this progress lies the EU-Pacific (Interim) Economic Partnership Agreement, a crucial instrument that has amplified trade and facilitated investments. Our aim is to deepen and widen the current EPA,” says Ambassador Fradin.
The conference, financed by the EU, aims to foster collaboration between the EU and Pacific Island Countries being part of the EPA or not yet.
Over 500 participants from Europe, PNG and various Pacific EPA member countries will attend the conference it will be livestreamed to include potential investors from Europe.
This underlines the positive evolution of both the business and technology-connected sectors in PNG.
EU is a primary importer of PNG’s agricultural products, with an emphasis on premium items. Under the EP, all products from PNG are granted duty-free, quota-free access to the EU market, encompassing all tuna, even if harvested by non-PNG vessels and processed within PNG.
The EU’s support is strategically directed towards important commodities such as cocoa, fisheries, vanilla and kava. Furthermore, the EU has committed EUR 100 million (over 300 m) to support trade-related stakeholders and agriculture in key commodities since 2016 and EUR 37 million (over K100 m) regionally under the Pacific Regional and Integration Support Programme.
Ambassador Fradin emphasized that there is no business, no trade without network, marketing, interaction, and expertise, and so this conference aims to enhance business connections, discover fresh prospects, and foster sustainable development through trade and investment.
Conference participants will assess how to adapt innovative strategies that drive progress while safeguarding the region’s natural resources and cultural heritage.
Experts and industry leaders will share insights on best practices, challenges, and opportunities in the EU-Pacific economic landscape, fostering meaningful discussions and facilitating valuable cross-border connections.
A business fair will be held at the conference venue, allowing national and regional Small & Medium Enterprises to promote their businesses and engage in networking activities.
“I am confident that this conference will be instrumental in forging lasting connections and attracting European businesses to invest in PNG and the broader Pacific region. It will also encourage local businesses to tap into the EU market,” Ambassador Fradin concluded.