investment

Ambassador of Vietnam to Papua New Guinea (PNG), His Excellency Nguyen Tat Thah in his meeting with the Minister for International Trade and Investment, Richard Maru on Friday August 25, said Vietnam was keen on Trade and Investment with Papua New Guinea (PNG).  

Vietnam currently has a population of over 98 million with an economy size of about USD449 billion with the service sector accounting for 41.3 per cent of the GDP.

At least half of these ports will be rehabilitated using funding from the Australian Government, said Ian Hayden-Smart, the Officer-In-Charge of PNG Ports. 
 
He said PNG Ports owns and manages 15 ports, but 12 of these, Rabaul, Kavieng, Lorengau, Buka, Kieta, Daru, Alotau, Oro Bay, Madang, Aitape, Vanimo and Wewak, do not make money and are run as community service obligatory ports.
 
“These ports rely entirely on the profitable ports of Lae, Motukea and Kimbe to fund their operations. 
 

After returning from a trip from Thailand, Minister Maru said a strong trade and investment relationship with the Government of Thailand, its private sector, targeting potential investors and the people to people ties with Thailand, can help PNG. 

Maru related that in Thailand there are 30,000 Japanese owned companies operating in which they employ over 1 million people from Myanmar to assist with low-cost labor in their manufacturing industry, to ensure they continue to be a low-cost producer of goods and services for the world. 

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.

During the 16^th Mining and Petroleum Conference, the former Foreign Minister spoke on ‘Why Australia should invest more in PNG’.

In a discussion panel held during the conference, Bishop had a dialogue with Minister for International Trade and Investment, Richard Maru on furthering investment in PNG by working together.

“Minister Maru and I have been speaking about this topic and we agree there should be more Australian investment in PNG, it’s just a question of how we do it,” she stated.

Prime Minister told the investors in Sydney recently.

In his discussions, he advised investors to view their investment in its entirety including diversifying their investment into exploration and tax credit schemes into social license, for the development of law and order infrastructure and services.

They also discussed the issue of incentivizing exploration and optimizing Government take and revenues to invest in downstream processing and value add of the vast non-renewable and renewable resource for export to nearby Asian and global markets.

“I started from one container. I had one receptionist and a small number of workmen plus some equipment,” Managing Director Thomas Pisimi recalls.

“I did almost everything myself: the accounting, the buying of parts. I was a one-man show.”

Pisimi focused his business on providing good quality work with good accounting and management and was awarded two PNG-Australia Partnership road improvement contracts for 186km of the Coastal Highway between Madang and Bogia districts.

Governor Parkop said the visit by the Russian navy officers in their warship was historic, conveying his warm welcome to them.

During a dialogue hosted yesterday in Parliament, he commended them for showing interest in the city which is hosting the APEC Leaders’ Summit in November.

Mr Parkop said the visit was a testament of Moscow placing value in the Indo-Pacific region.

He added that the countries had a long history dating back to the settlement of Russian scientist and traveler Nikolai Miklouho-Maclay in the country from 1846 to 1888.

Chair of the APEC Business Advisory Council (ABAC), David Toua, said this recently in Tokyo, Japan, during the ABAC 2 Meeting.

Toua said the region was currently at the crossroads and urged ABAC members not to regress growth.

“One road takes us towards open markets, dynamic flows of goods, services, investment and people, and inclusive growth. The other takes us backwards towards protectionism, exclusion and regional economic slows

“We should not hold back progress in the Asia-Pacific,” said Toua.