Envoy: Fiji, PNG have big potential in business

FIJI and Papua New Guinea have huge potential in business and investment sectors that are yet to be explored, PNG High Commissioner to Fiji Peter Eafeare.
Addressing guests and government officials at the launch of the Fiji-PNG Business Council, Eafeare said: “The Fiji-Papua New Guinea Business Council is a significant entity that was established to explore business opportunities and facilitate investment in our two countries by strengthening the ability of the private sectors of Fiji and Papua New Guinea to develop and operate in a free and fair environment.
“With the onset of the liquefied natural gas (LNG) project, more and more opportunities will arise for potential investors and business entrepreneurs and it is projected that business investments in PNG will surge once the LNG project gets off the ground in 2014.
“Apart from major foreign investments in the mineral sector, it is envisaged that small to medium scale investments and business will flourish in Papua New Guinea to meet the demands of these huge mining projects.”
Eafeare was quoted in The Fiji Times as saying the Fiji-PNG Business Council had an important role to play and that was to facilitate promotion of business and investment between Fiji and PNG.
“I understand there are investments and businesses from PNG already operating in Fiji and Fijian companies doing business in PNG, these needed to be taken stock of,” he said.
“Under the bilateral trade agreement, there are increased trading activities through joint ventures under the auspice of the MoU between the PNG Investment Promotion Authority and Fijian Trade and Investment Board.
“The MoU resulted in the formulation of the double Taxation Treaty signed in 1998 between Fiji and PNG which allows for avoidance double taxation and prevention of fiscal evasion.
“Some PNG businesses currently operating in Fiji include Credit Corporation, Niugini Insurance Company, Andy Finance, Wesram Finance and BSP, which started its operation few years ago.”
“Fiji companies operating in PNG,  just to name a few,  included Datec, and Vinod Patel Wholesale.
 and retail hardware registered as Hardware Haus and the City Pharmacy Group of Companies,  which are currently operating in Port Moresby and other major towns of Papua New Guinea.
“However, there is still a huge potential for investments in PNG, apart from the ones that currently exist, and I believe with the re-establishment of Fiji- PNG Business Council, a number of investments in PNG from Fiji will be forthcoming and vice-versa.”