Aust investments in PNG is K36.5bil, says council

PAPUA New Guinea enjoys a healthy business relationship with Australia and promoting PNG business there is equally important, says the Australian PNG Business Council (APNGBC).
APNGBC chief executive officer Materua Tamarua told The National that Australian businesses had A$16 billion (K36.5bil) worth of investments in Papua New Guinea which showed its close relationship not just in business but in shared history.
“Sixteen billion dollars is a lot more than any other country in Papua New Guinea,” he said.
“I say the most attractive sector is the extractives, gold, oil and gas, in PNG but just generally, there are bigger markets in Australia for goods.
“For PNG outside it is just exporting our coffee, our agricultural, fisheries, that seem to be the biggest market out there at present.”
Tamarua said there were other areas that Papua New Guinea could develop, but competition in outside markets was important to establish.
“We enjoy a healthy relationship, I will say it is healthy because in recent times we were able to express our opinion on certain views that have been respected by our counterparts in Australia,” he said.
“They have seen us grown over the years, over 40-plus years.
“We still have a fair way to go but there is confidence.”
Tamarua said the council should promote trade between the countries.
“We try to do networking events or bring groups together to bring ideas together.
“We help whenever possible, both governments to provide feedback on how businesses can be done better in the country.
“And we also represent business at ministerial forums, we carry business opinions to bilateral meetings, especially between the foreign ministers of both countries when they sit and receive our feedback on how business can be done, or just anything to do with Australia and PNG.