CEO Summit underway in Port Moresby

The APEC CEO Summit is now underway in Port Moresby, onboard the P&O Pacific Explorer.

Prime Minister Peter O’Neill, in giving the welcome remarks, maintained that the economy has seen continuous stable growth in the last 16 years coupled with political stability.

But he highlighted that so much trade opportunities are not going to be fully appreciated by the business and private sector, let alone civil society, if the government works in isolation.

He said while PNG is playing increasing roles in international forums, governments need to continue to be more actively engaged with civil society and business.

“Today seeing confidence returning to business community, including resource sector, with the second LNG project signing this morning with TOTAL and ExxonMobil, is a strong boost for the economy.

“APEC involvement is an investment for the community,” PM O’Neill added.

Discussions on trade and globalisation also took place this morning, led by Asia Pacific Chairman of PwC Raymund Chao, Deputy Director-General of World Trade Organisation Yi Xiaozhun and Vice Chairman and CEO of the Federation of Korean Industries, Tae-Shin Kwon.

31 percent of 1,200 CEOs surveyed in the APEC countries highlighted they are looking for opportunities to increase trade opportunities and level of investments in the next 12 months.

An Economic CEO survey conducted in July this year found that confidence levels of businesses and trade is very sensitive to trade tension.

The only answer to address the trade tension is global cooperation, and make people aware of the benefits of free trade

(Prime Minister Peter O’Neill at the CEO Summit opening today)

Sally Pokiton