Malaysia takes over as leading investor in PNG

By LEMACH LAVARI
Malaysia is now the leading investor in Papua New Guinea, with trade between the two countries amounting to US$420 million (K1.4 billion) from Jan-June this year, according to High Commissioner Muhd Irfan Zulkurnain.
He said that according to the Investment Promotion Authority (IPA), Malaysia had taken over as the leading investor with about 200 firms operating in the country.
“This is a clear indication of our strong confidence in PNG,” Zulkurnain said,
“We at the high commission expect business and investment trends from Malaysia to grow further in the coming years, particularly in agriculture and services sectors.
“Most Malaysian businesses operating in PNG are in retail, services sector, agriculture, forestry and manufacturing.
“Malaysian companies continue to lead as among the leading job providers in PNG.”
Zulkurnain said that for the first half of this year, from Jan to June, Malaysia’s total exports to PNG was US$280.1 million (K927mil) and Malaysia’s total import from PNG was US$140.4 million (K465mil)
In 2017, Malaysia’s total export to PNG was US$303.9 million (K1bil) and Malaysia’s total imports from PNG was US$$214.7 million (K710mil). Total trade between Malaysia and PNG for the period Jan-Dec 2017 amounted to US$518.6 million (K 1.7bil)
Zulkurnain said Malaysia as a developing country was ready to share its experience in capacity-building and human resources development.
“The governments of Malaysia and Papua New Guinea are stepping up efforts to consolidate mutually-beneficial cooperation in various sectors,” he said.