Hoot hopes meet benefits sectors

Business

By DALE LUMA
BUSINESS talks between Papua New Guinea and the European Union (EU) should enable outcomes that will help expand the country’s resource sectors, Investment Promotion Authority (IPA) managing director Clarence Hoot says.
Hoot made the remarks while addressing the media during the first PNG-EU and investment press conference yesterday.
“We hope that some of the outcomes of the conference will help us expanding the fisheries, agriculture and other manufacturing sectors and the tourism sector,” he said.
“Trade between PNG and EU is at the moment basically a one market commodity that is of great significance to the country.”
PNG and the Europe already had an economic trade agreement in place which gave preference to PNG products in the European market specifically the fisheries sector with tuna.
European Union Ambassador Ioannis Giogkakaris-Argyropoulos said even though the agreement had seen benefits in fisheries and tuna, it also covered others products in other sectors.
“One of the challenges that we face together from both sides is how we can benefit from the agreement,” Argyropoulos said.
“This is with PNG in terms of exports and also European businessmen on how they can connect with local business.”
Argyropoulos said the PNG-EU conference would help create the avenue to connect European and PNG business.
He said it would demonstrate the potential that exist from the partnership and also of the potential of the PNG economy and technical knowhow of European business.