Australia - Papua New Guinea Business Council

Govt creating ‘more business-friendly environment’

This was the assurance provided by Prime Minister Peter O’Neill when addressing the Australia - Papua New Guinea Business Council in Sydney on Thursday (Oct 26).

"Australia is our largest investment partner, and we want to increase business opportunities,” the Prime Minister said to the packed forum.

"We want Australian business to expand investment into Papua New Guinea, particularly into non-traditional areas that are outside the resources sector.

"There are great opportunities in tourism, agriculture and the small to medium manufacturing sector.

O’Neill: Government is managing debt levels

O’Neill told delegates at the Australia - Papua New Guinea Business Council breakfast today in Cairns that the country’s debt levels remain well below our ceiling of a 35 percent ratio of debt to GDP.

He said that it is 28 percent of the new GDP numbers that have been released which remain at around K18 billion for this year, out of which K4 billion is foreign debt, largely through concessional loans.

“If you look at the numbers in 2015, just over K90 million was paid to foreign debt servicing in that year.