Papua New Guinea needs trade and investment agreements with other countries to ensure home grown entities expanding into other countries are protected.
Business Council of PNG (BCPNG) Executive Director, Douveri Henao, said this following the Bank South Pacific’s (BSP) announcement of its new branch in Cambodia.
Douveri said the BCPNG applauded BSP for its expansion into Asian countries.
However, it was imperative to safeguard those investments that have been made as well.
“I think it’s extremely exciting. The business council applauds our home grown entities expanding. And it also bears the bigger question that we do need trade agreements, investment agreements to protect our investors going abroad,” he said.
“We don’t want them to, as soon as they (BSP) set up, the government of Cambodia expropriate their assets.”
Douveri added: “It’s important that we encourage these expansions but at the same time, ensure that these investments are protected. And trade agreements are an important part of that.”
BSP Board Chairman, Sir Kostas Constantinou, and Chief Executive Officer, Robin Fleming, will officially open the BSP Cambodia branch this month.
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