Clyne gives PNG big vote of confidence

Business, Normal

The National, Thursday 6th September, 2012

BANK South Pacific Group chief executive Ian Clyne has given Papua New Guinea a big vote-of-confidence.
He said at yesterday’s launch of The Report: Papua New Guinea 2012, that PNG was a young nation with immense wealth and opportunities for international business and investments.
BSP is a major supporter of the report.
“PNG LNG’s impact is not just limited to the size of the investment, its doubling of GDP or the many new jobs it has created,” Clyne said.
“The successful completion of PNG LNG will act as a ‘report card’ to international companies and investors, to international banks and multilateral agencies.
“It will demonstrate that large natural resource projects can be successfully delivered, successfully financed from the international financial markets, and underline the government of PNG’s commitment to do all it can to support international investment.
“To be successful, project sponsors and investors need to know the importance of working with the people of PNG at all levels to bring real and sustainable benefits.”
Clyne said BSP agreed to partner with OBG in producing the first edition of the PNG report “because we very much understand the need and value in promoting PNG and ourselves internationally”.
“Oxford Business Group produces 33 annual reports in 29 countries, with its reports regularly cited in the Financial Times, BBC, The Economist and other leading media outlets, as it is a globally-recognised and respected source of business intelligence in many parts of the world,” he said.
“The PNG report focuses on our economic outlook, PNG business and investment outlook, trade, liberalisation initiatives and investment opportunities.
“Both Oxford and BSP are committed in promoting and encouraging foreign investment in PNG.”