Minister for International Trade and Investment

PNG on offer

This was the message relayed by the Minister for International Trade and Investment, Richard Maru, during day two of the inaugural Papua New Guinea – Asia Investment Conference in Hong Kong.

Sessions 1-4 concluded yesterday in day one of the conference, with Prime Minister James Marape welcoming investors to PNG before departing for Beijing, China.

Minister Maru, who was instrumental in the hosting of this conference in Asia, headlined session five with the topic: “PNG ready for investment”.

PNG-China feasibility study initiated

Minister for International Trade and Investment, Richard Maru, this week announced this crucial development on the eve of Prime Minister James Marape's scheduled state visit to China next week for the Belt and Road Summit in Beijing.

The initiation of this joint feasibility study follows an agreement reached between Prime Minister Marape and Chinese President Xi Jinping during the state visit in 2021.

Newmont-Newcrest Merger Granted

This decision comes after careful scrutiny, with the regulator expressing satisfaction that all stipulated requirements have been met.

Minister for International Trade and Investment, Richard Maru, announced the breakthrough, highlighting that a comprehensive Memorandum of Agreement (MoA) has been formalized between the merging entities.

Minister Maru extended gratitude on behalf of the Government to Newmont Corporation for choosing to invest in Papua New Guinea.

Plans for PNG trade office in Shenzhen

Minister Maru looked at possible locations in Shenzhen to open a new Trade Mission following the closure of the Papua New Guinea (PNG) Trade Office in Taipei, Taiwan.

He met with the Shenzhen Government and private sector where an agreement was reached between them and the Ministry and the Department of International Trade and Investment for the new PNG Trade Mission to be in a very prestigious office building in Shenzhen.

Shenzhen to House New Trade Mission

“To have a trade mission in China is a very historic decision made by our Government and I am very pleased that the trade mission will be in Shenzhen,” said the Minister for International Trade and Investment, Richard Maru.

Shenzhen transformed itself from a small fishing village into a global economic powerhouse in just over 40 years.

It had experienced rapid economic, social, and environmental transformation and is described as innovative, inclusive, young, high-tech, and a green city.

Finalizing negotiations for trade office

He also praised the Government for hosting the inaugural PNG-Asia Investment forum in Hong Kong and opening of a trade mission in Shenzhen, in the Republic of China.

A team will visit Shenzhen in the coming weeks to finalize  negotiations on the office space for the trade mission and to cost out the whole setup and operation.

The position of the trade commissioner will be advertised  as soon as possible.

Governor keen on POM, Guangzhou flights

This follows his discussion with Prime Minister James Marape during a recent visit to Port Moresby in July 2023.

Governor Weizhong said this during a banquet that he hosted for the Minister for International Trade and Investment, Richard Maru, and his delegation.

He said the opening of direct flights between Port Moresby and Guangzhou would improve business connectivity between Papua New Guinea (PNG), Guangdong Province, and China.

Maru announces PNGX bonds open

This project was funded by the Australian Government, Marape-Rosso Government, the International Financial Corporation, the Asian Development Bank and other stakeholders.

“It has taken over five years (since 2017) to prepare PNGX and the Securities Commission of Papua New Guinea for the issuance of the local bonds,” Minister Maru said.

He said a bond is simply described as a loan given to companies by investors who promised to pay the money back with interest.

Maru against live cattle imports

He was making refence to a recent media article yesterday on the Livestock Development Corporations proposal to import live cattle from a cattle farm in Queensland.

“This proposal should be outlawed. It is definitely not in the best interest of PNG because importing of live cattle poses huge biosecurity risks,” Minister Maru said.

He said live imports of cattle will bring in pests and diseases.

Malaysian High Commission yet to establish chancery in PNG

Minister for International Trade and Investment, Richard Maru, highlighted this during his bilateral meeting with the Malaysian Deputy Minister of Investment, Trade and Industry, Liew Chin Tong, at the margins of the APEC Trade Ministers Meeting in Detroit, United States. 

“Similarly, Department of Foreign Affairs should commence discussion with their Malaysian counterpart for a reciprocal arrangement for the Government of Malaysia to allocate a piece of land for PNG High Commission Chancery to be built in Kuala Lumpur.