Investment knot maybe tied

Main Stories, National
Source:

The National, Tuesday 16th April 2013

 PRIME Minister Peter O’Neill, pointing to the strengthening commercial ties between Papua New Guinea and Fiji, said it was time the two countries instituted an investment promotion and protection agreement.

Speaking at a function in Port Moresby last night to welcome a 70-strong Fiji trade mission led by Prime Minister Frank Bainimarama which arrived in the capital yesterday, O’Neill said it presented an ideal opportunity to “share our development experiences in key sectors while at the same time explore new areas of cooperation”.

O’Neill also wanted to explore the possibility of establishing an annual or biennial senior officials meetings “to enable our officials to hold regular consultations with a view to formalising various arrangements” in key sectors.

“I am extremely pleased that our business communities will hold discussions that should lay the foundation for increased trade and investment in our countries.

“This opportunity for talks between our business representatives should pave the way for more two-way investments. 

 “I am pleased to mention that the Mineral Resource Development Company now joins other PNG investors in Fiji in the purchase of the Pearl Resort to the tune of F$38 million (K48 million).”

The deal to allow mobile phone company Vodafone Fiji to operate in the country is expected to be signed today. 

O’Neill said relations between the two countries were deeply rooted and had always remained close, cordial and friendly.

 “We are the two bigger countries in our region and it is important that we continue to maintain our relations through more cooperative arrangements to consolidate, diversify and strengthen our relations. 

“In recent times there has been a heightened increase in the level of cooperation and consultation in the areas of defence, fisheries, security, tourism, trade, economic, investment, socio-cultural exchanges and technical cooperation including visits at the highest political and officials level.

“The direct flights between Port Moresby and Nadi is tangible evidence of the desire to promote closer air links and facilitating people to people contacts,” he said.

He said he was satisfied with Fiji’s progress in putting necessary mechanisms and processes in place ahead of its September 2014 elections.

“PNG as a Melanesian brother is committed towards supporting Fiji to provide electoral, technical and administrative support in the lead up to your elections.”

The Fiji mission leaves for home on Saturday.