Globalisation not all story of doom and gloom


PRIME Minister Peter O’Neill says emerging economies in the Asia-Pacific region want global investors to create job opportunities and bring professional benefits to small to medium enterprises.
He said at the Apec Leaders’ Summit in Vietnam that globalisation was a challenge for every country and depended very much on how this information was communicated to the people.
“It is important that economies and multi-national companies continue to communicate those benefits of globalisations to emerging economies around the world,” he said.
“Many fear globalisations because of insecurity, fear of losing jobs, competition and losing business opportunities.
“However, large investments by multi-nationals and global companies into any economy create more opportunities particularly employment and business opportunities for small to medium enterprises.
“Those are the kind of benefits that we need to communicate with our people. But politics being politics, local issues continue to play a role in some of the miscommunications going through some of the countries.”
O’Neill said many emerging economies needed investment capital to grow their economies, technology and professional knowledge to develop their economies in the long term.
He gave as an example ExxonMobil investment in PNG which happened around the time when the global financial crises was happening.
“We were able to raise the largest capital during that time — more than $US19 billion (K59.4b ) — creating jobs for over 20,000 people, training professional to jobs being done by expatriates.”