Fifty Japanese investors expected to visit country

AROUND 50 Japanese investors are expected to arrive this week to explore business opportunities in energy, infrastructure, tourism and agriculture sectors, according to the Investment Promotion Authority (IPA).
It said in a statement that PNG continued to attract investors because of its diverse natural resources.
The visit by the Japanese investors is one of the many programmes the IPA had been working on since last year.
The IPA and the Pacific Island Centre in Tokyo coordinated the programme which includes a two-day business forum in Port Moresby on Wednesday and Thursday.
The theme is “Co-creation by the Japanese and PNG private sectors for a balanced promotion of various industries that contribute to sustainable economic development in PNG.”
IPA managing director Clarence Hoot said PNG “remains open for business despite the unfortunate chaos on Jan 10 and the perceived political and economic uncertainties exacerbated by the foreign currency exchange issues and the volatile law and order situation in the country”.
“We want to rebuild investors’ confidence and demonstrate that PNG is still open for business,” Hoot said.
He said law and order concerns had been a major setback for the IPA’s efforts to lure investors.
“Even though such problems are common throughout the world, and occur just occasionally, security is one of the costs that investors unfortunately have to incur as part of their operational costs to ensure that their businesses are protected and secured,” Hoot said.
The forum will be a platform for discussions on cultivating distinctive agricultural products and building resilient supply chains to increase profitability and revitalise local communities.
In tourism, the focus would be on fostering a sustainable tourism industry in collaboration with the environmental industry, aiming to preserve and harmonise with the rich natural environment and culture of PNG.
Hoot said although challenging situations arose, the companies operating in the country had become resilient and continue to recover and rebuild.