PNG to expand access in Asian markets

The PNG government is eager to advance its entry into the Asian markets for local businesses and industries at the Papua New Guinea-Asia Investment Conference in Hong Kong on Monday, 16th October, 2023.

Prime Minister, James Marape in a press conference held in Port Moresby, announcing his attendance to open the conference, said not only does PNG already export petroleum and minerals to Asian markets, but also timber, seafood and agricultural produce, including coffee.

Prime Minister Marape said PNG does not want to only invite investors to PNG to invest and buy PNG products but also for them to be a part of the government's downstream processing endeavours.

He said PNG wants to elevate from being an exporter of raw products to becoming an exporter of finished products.

The Prime Minister said this is the aim of the PNG-Asia Investment Conference, which will include a number of side meetings that he will participate in when he arrives in Hong Kong on Sunday, 15th of October.

Prime Minister Marape said the sectors Papua New Guinea is interested in agriculture, forestry, fisheries, petroleum, mining, and tourism as well as other service sectors.

He said the government would also be inviting local businesses, especially those in manufacturing, to participate in the conference and make partnerships with family and corporate businesses in Asia.

Prime Minister Marape added that conversations would also be had on climate change and the conservation of PNG’s forest for the carbon trading market, where the government has introduced a policy to conserve 30 percent of forests and to replant trees where timber has been harvested.

He assured carbon-conscious investors that PNG is a good place for them to do business because they can offset their carbon footprint by assisting PNG in protecting its forests.

Meantime, the president of the PNG Chamber of Mines and Petroleum, Anthony Smare, said investments is critical for the country and everyone must work hard to create employment for the people.

He said creating jobs is a critical challenge for both government and those in other areas, and that increased investments mean more employment for everyone.

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