Country safe for investment, Westpac tells potential overseas investors

Business, Normal

The National, Friday January 22nd, 2016

 WESTPAC PNG has assured investors that the country is safe for investment.

Westpac PNG head of treasury Gerry Hartigan, pictured, said the bank had been operating in the country for more than 100 years and could support the growth and expansion of any business in the country.

“There’s never been a more exciting time to invest in Papua New Guinea. From the distance, it looks like a long way away and a difficult place to invest in. To an extent, that’s true,” Hartigan said.

“But with good strong investment on the ground, you can navigate through what seem to be difficult issues.”

He told a group of potential overseas investors this week that Westpac was an Australia bank with a long a proud history in the country. 

“Papua New Guinea is one of the most exciting markets for us as a bank that has a good regional presence,” he told the investors.  

“Depth of experience helps us to provide some evidence that Papua New Guinea is a good investment country.”

A delegation from the Philippine Chinese Chamber of Commerce and Industry visited the country this week to look at potential business opportunities.

Meanwhile, Bank of Papua New Guinea Loi Bakani also invited the group to invest in the country’s banking sector.  Bakani told the visiting delegation that Papua New Guinea’s banking sector has an open policy for investment in that particular sector. 

“We have an open policy on the banking system, or financial system. 

“So that’s one opportunity where you can come in and together with other partners and apply for a banking license here,” he said. 

“It may be in a finance company or a commercial bank.”