K393mil Euro commitment for trade and agriculture

By NATHAN WOTI
THE European Union (EU) has committed more than €100 million (about K393 million) to support trade-related stakeholders and agriculture in key commodities since 2016, says official.
EU ambassador Jacques Fradin said that their support had been strategically directed toward important PNG commodities such as cocoa, fisheries, vanilla and coconut.
Fradin said that about €37 million (about K145 million) was committed under the Pacific Regional and Integration Support (Prise) to other Pacific island countries.
“There is no business, no trade without networking, marketing, interaction and expertise,” he said.
“The upcoming 4th EU-PNG trade and investment conference aims to enhance business connections, discover fresh prospects and foster sustainable development through trade and investment.
“This long partnership that the EU has with PNG and the Pacific will grow stronger as we look at economic opportunities such as quota-free-access to the EU market while emphasising the potential for sustainable growth and long-term sustainability and eco-friendly practices.”
Fradin added that there were new opportunities in carbon marketing, technological innovations, and marine resources that would be good investment areas.
He said the EU along with PNG-EU Business Council and the Investment Promotion Authority (IPA), would play their role in bringing investors from Europe who were willing to invest in the country.
However, there were processes and requirements that the EU markets had, which was something the PNG trade office and the Government needed to focus more on.
Meanwhile, PNG-EU Business Council secretariat head Anna Pepson said the EU had always had a clean track record with its investments.
Pepson said the EU’s record within the businesses community had proven to be strong with investments in properties, agriculture, fisheries and in the non-resources sector.
“In the business council perspective, we see the EU as a valued partner in investment and creating economic opportunities for our people in our country,” she said.
“The EU has a strong presence within the business community is reinforced and promoted through events such as the EU-PNG trade conference.”