By ISAAC NICHOLAS
THE Government stands ready to support foreign investment in the country, Commerce and Industry Minister Gabriel Kapris told senior Japanese investors at Holiday Inn yesterday.
“The Government stands to support foreign investment including Japanese investment by providing regulation, incentives, policy directions and leadership to ensure development goals, visions and missions are achieved.”
Mr Kapris said this during a luncheon yesterday when welcoming senior executives from prominent Japanese companies looking at investing in oil and gas projects in Papua New Guinea.
The Japanese companies comprise Japan Bank of International Corporation, Nippon Oil Exploration Company, Itochu Corporation, JCG Corporation, Cosmo Oil Corporation, Mitsubishi Heavy Industries, Sumitomo Mitsui Banking Corporation and LNG Japan Corporation.
Also attending lunch was Chief Secretary to Government Isaac Lupari and senior officers from key economic departments including Finance and Treasury, National Planning, Mining, Petroleum and Energy.
“Just as you need our raw materials, we need your skills, knowledge and capital to build downstream industries. We have a common ground to start business discussion. You need us and we need you.”
Minister Kapris said the Government through the Ministry of Commerce and Industry provided very attractive and liberal fiscal incentives that were conducive to direct foreign investment.
“And I hope you will take full advantage of our safe and sound foreign investment climate.”
He said Papua New Guinea had been experiencing unprecedented growth in employment and business in the private sector, budget surplus and low inflations, stable currency and high export commodity prices, especially in the oil and gas sector.
“I am truly delighted with your visit and I urge you to join us share our success, become our development partners and increase our domestic productivity through an export-led economic growth strategy.
“We are mindful that we exist and operate within a global community. So where we do not have a law and government policy to help create new wealth, we will take the necessary measures to revise, amend and improve.
“We want laws and government policies that lure foreign dollars to Papua New Guinea and create new wealth and prosperity for our people through participation, however small it maybe.
“I am aware that we cannot ignore a worldwide shift to the creation of wealth through the use of knowledge and skills rather than resources.”
Mr Kapris said economic success and security in the future would require creativity and innovation to develop ideas, products and services as the basis for economic growth.