Minister impressed with recent summit

 TRADE, Commerce and Industry minister Richard Maru has described his recent trade and investment mission to Europe as “fruitful”. 

He said discussions held with European countries for expansion of trading relationships and investment opportunities within PNG and European countries seemed positive.  

After attending the inaugural PNG-United Kingdom (UK) trade and investment forum in London on June 16, Maru, Department of Trade Commerce and Industry Secretary John Andrias went onto Brussels with Prime Minister Peter O’Neill and met with investors in Brussels and Poland and Switzerland. Maru said they held meetings with trade minister of Poland, the director general of World Trade Organisation (WTO) in Geneva and Commissioner of Trade of European Union, Cecilia Malmstrom.

“We met with quite an extensive and interesting range of potential investors who want to invest in the new frontier investment opportunities in Papua New Guinea,” he said. 

“We met with the European Investment Bank and made a strong case and representation for them to open up an office in Papua New Guinea as soon as practical. Investors who have expressed interest so far include banks, airline companies, a gold copper refinery, a chocolate factory, a low cost housing company, water treatment, a hotel group and energy companies and much more. 

“There is real appetite for investment in Papua New Guinea.

Andrias said: “As the department responsible for trade within our region, our trip has been successful, 

“After 40 years, we have engaged with important stakeholders at the highest level at the EU, Trade Commissioner as well as the investors who are interested in investing in Papua New Guinea. 

“It has been a very good engagement.”

He said the department looked forward to consolidating what transpired in the discussions.

“And we look forward to facilitating the investors who have shown interest and they will come here to do their own due diligence and feasibility study in various areas,” he said. 

“They have their own markets and brand names as well as the source of raw material so they are looking into the Pacific and Papua New Guinea.”