Why host conferences overseas?

It aims to gather multi-million Kina investors – and those who are already operating in-country – together to create partnerships and present PNG as an investor-friendly environment.

While local business conferences and SME meetings are equally important for economic growth, the PNG Chamber of Mines President, Anthony Smare, said it is multi-million Kina investments that move our country.

The value of overseas conferences

It is not just about what people talk about during the conference, as part of the program, said the president of the Papua New Guinea Chamber of Mines and Petroleum, Anthony Smare, on the final day of the inaugural PNG-Asia Investment Conference in Hong Kong.

Speaking to PNG media a few hours before yesterday afternoon’s closing of the event, Smare alluded to ‘accessibility’ when PNG conferences are hosted overseas. In this case, in Hong Kong, the gateway to Asia.  

First PNG-Asia Investment Conference starts

The theme of the two-day event is “Partnership for Prosperity”.

The President of the PNG Chamber of Mines and Petroleum, Anthony Smare, will start off the event with welcome remarks.

This will be followed by keynote addresses from Prime Minister James Marape and the acting Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the HKSAR, Li Yongsheng.

PNG to expand access in Asian markets

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.

Vietnam keen on trade with PNG

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.

PNG Ports to invest in non-profitable ports

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. 

PNG keen to foster ties with Thailand

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. 

Aust invests more in PNG

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.

Bishop highlights PNG-Aus investment

During the 16th 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.

PM meets with natural resource developers

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.