A two-day business to business conference commenced yesterday between the European Union and the government of PNG.
This is the second Papua New Guinea Business, Trade and Investment Conference and is aimed at strengthening sustainable business, trade and investment the between the EU and PNG.
The conference will help PNG increase businesses contacts, discover new business opportunities and seek new collaboration partners between the European Union and PNG, including Fiji, Samoa, Solomon Islands, Tonga and Timor-Leste with particular attention to trade and investment aspects of sustainable development.
In the first panel discussion yesterday morning, dialogue was mainly surrounding the operations of businesses after COVID-19 and the benefits of an open economy.
President of the PNG-Europe Business Council, Michael Sullivan said the negative effects of COVID-19 were predominantly felt by businesses that were not internet and technology inclusive.
Highlighting the latest reforms to deal with foreign direct investment was Managing Director for the Investment Promotion Authority, Clarence Hoot. He listed a number of reforms that are in the preparation process to be submitted to parliament for amendments.
Bank of PNG Governor, Loi Bakani, stated the measures taken by BPNG to mitigate the impact of COVID-19.
The conference will continue today with further focusing trade and investment as critical tools in achieving sustainable development and its challenges faced by PNG.