Frazer predicts ‘China-type’ growth for PNG

Business, Main Stories

BRISBANE: Papua New Guinea is set to record “China-type” growth of 8%  this year, Queensland treasurer Andrew Fraser says.
Fraser, who returned from a trade mission to PNG on Wednesday night, told an infrastructure summit in Brisbane the neighbouring nation was on the cusp of “game-changing, nation-changing, development”.
“The PNG economy is poised to take-off,” Fraser said.
“The frontier of development there is in many ways a similar dynamic to the fundamental optimism and practicality that lies at the core of the Queensland economy’s recent development.
“Resources growth is crucial to the future of PNG and its people.”
He said he had been advised PNG’s economic growth was expected to hit 8%, following growth of around 5% last year.
While the massive Ok Tedi mine contributed about 17% of PNG’s GDP, the “dimensions” were about to change with financial close on a A$14 billion (K35.8 billion) LNG project that is set to deliver A$30 billion (K97 billion) to the PNG Government over the next 30 years, Fraser said. –  AAP