The 2018 Asia Pacific Economic Corporation in Papua New Guinea will be cost effective in the history of APEC member countries.
Minister for APEC and National Events Justin TKatchenko told Parliament today that the cost will not be what he mentioned earlier.
“The amount I mentioned this week is not the overall APEC budget but includes cost that are part of the normal government operations.
“Police and military will work on APEC and many of their normal cost are part of the recurrent budget expenditure.
“We will take our border protection to the next level that has been lacking for decades.”
He explained that improving border protection is not an APEC expense but necessary expense that we must undertake before APEC.
He said the real cost of APEC meeting is close to K120 million to host all the meetings.
“This APEC meeting is crucial to our nation’s economic advancement.
“Most of the money we are spending in preparation for APEC should have been spent many decades ago,” he said.
TKatchenko added that APEC will create job opportunities and bring in investments to the country.
He said only a small fraction of money will go overseas but most will be in the country creating jobs for many Papua New Guineans.
He added that the full figures will be available as the planning process continues and the budgets for 2017 and 2018 are drawn.
He further called on all the leaders to put aside their politics and get behind the nation and support the government to host this very important meeting in 2018.