Accord to boost business ties

 THE signing of the investment protection promotion (IPP) agreement is an important facilitator for Japanese and Papua New Guinea businesses to maximise investment opportunities in both countries, an official said. 

Manufacturer’s council chairman Murray Woo said while the current focus was no doubt in the country’s LNG exports, tremendous potential laid in the agricultural, manufacturing, tourism and innovative sectors. 

Speaking at a breakfast last Friday, he said this was where Japanese expertise and technology would complement an energetic business community in developing its rich natural and human resources. 

“There are already examples of this relationship where Japanese entrepreneurs and their PNG counterparts’ jointly operating tourism services as well as talented Papua New Guineans working closely with leading Japanese information communication and technology experts in Osaka University,” he added. 

Woo thanked the Japanese Government for its commitment in strengthening businesses between the two countries. 

Business Council of PNG president David Toua said the agreement, signed in April 2011 between the two countries, entered a new and profound chapter in the close relationship. 

He said it marked a shift from donor-recipient to that of a progressive investment and trade relationship. 

“To further demonstrate this observation, the first PNG LNG export went to Japan … I’ve been reliably informed that the tenth shipment is underway, the Spirit of Hela is returning from Japan.

“The LNG project demonstrates the vitality of the Papua New Guinea private sectors willingness to work and in most cases led by world class companies such as ExxonMobil, Rio Tinto, Digicel Ltd, to develop our natural resources. 

“Prime Minister we look forward on your Government’s vision in promoting investment and trade so that our businesses may work together with Japanese in building the prosperity of our people,” Toua said.