Australia have invested a total of K58 billion (A$24b) in PNG through the Australian private sector.
Australian Prime Minister Anthony Albanese confirmed when addressing Parliament today; stating that this is more than they have invested in India, Indonesia or Malaysia.
He said Australia will support PNG in the downstream processing policy driven by the Marape-Rosso Government.
PM Albanese said Australia understood that PNG is eager to expand its exports of more processed goods and varied agricultural products and these are areas where Australian business community can play a key role.
He added that Australia also stands ready to assist PNG to improve its bio-security regime to enable farmers and producers to access international markets.
“And as the world looks to a more sustainable model for growth, PNG has a tremendous opportunity to expand your Green Economy.
“I know a number of Australian companies are keen to explore what can be done in this area, including in hydro and hydrogen production, for example,” PM Albanese said.
“Together, I am confident we can ensure that the rich natural resources of Papua New Guinea are made to deliver good jobs, lasting investment and sustainable development for your nation
But our friendship is deeper than trade – and our partnership and co-operation and engagement should reach beyond it.”
PM Albanese further mentioned that Infrastructure is a longstanding policy passion of his government and that Australia will be working with PNG to deliver an ambitious program of nation-building projects.
He said Australia will assist in upgrading ports, to create jobs and clear-away bottlenecks, as well as opening the door for developing export industries.
He also mentioned that Australia will be assisting in building and maintaining a better road network, to make it easier for farmers to get their product to market and to ensure communities have more reliable access to good services.
“On the threshold of the biggest markets and the fastest-growing economies in the world, digital and communications infrastructure is every bit as vital as roads and ports.
This is why Australia built the Coral Sea Cable and is helping to build a productive and competitive telecommunications market for PNG.”
Stating that it’s important and right that the Australian Infrastructure Investment Financing Facility for the Pacific has a strong pipeline of projects in PNG.
“And I look forward to following their progress and celebrating their completion.”