Commerce and Industry Richard Maru

The Ministers Meeting will discuss areas where the Commonwealth can work together to strengthen trade and investment links between member countries and develop a policy agenda ahead of the 2018 Commonwealth Heads of Government Meeting.

Maru said Commonwealth countries are currently seeking to establish new trading relationships at a time of stagnating global trade and increasing protectionism sentiments.

Maru was in Fiji last week for a formal bilateral meeting with his counterpart and raised the issue of the big inequality of trade between the two biggest economies in the Pacific.

Currently PNG imports goods worth more than K58 million  from Fiji and export only K4 million, a trade disparity of K54 million.   

The minister responsible to market the country as an investment destination says effective marketing in Fiji is the way forward to improve the imbalance.          

Minister for Trade, Commerce and Industry Richard Maru was responding to media questions regarding the current plight of the state owned bank being unable to fund 498 SME business loans because it is underfunded.

“The 498 approved SME loans approved for payment is valued at K53 million.”

“It’s a serious issue but it’s subject to cash flow,” Maru said Friday.”  

According to NDB managing director Moses Liu “the government was to provide NDB K100 million annually to implement this policy.”