O’Neill promotes investment

Prime Minister Peter O’Neill has described PNG as one of the soundest markets for foreign investment, saying it was the result of political stability and economic growth.
Speaking at the inaugural France-PNG business forum in  Paris, France, he said
PNG offered international business  es key components for investment.
He addressed about 200 senior business people.
“We are now into the most politically stable periods in the history of our country.
Over three terms of Parliament, we have only had two governments and this enables you in the business community to invest in PNG with certainty,” O’Neill said.
“Our economy continues to be strong in the face of a global economic slowdown and commodity price concerns.
“I was frank and open with the French investment community and said that just like all commodity exporters, we have been adversely affected by the lower prices.
“But our Government has managed this challenge effectively and our economy will emerge even stronger than before prices began to fall.”
O’Neill covered a range of sectors, including transportation, infrastructure, agriculture and the oil and gas sector.
“What we have done in Paris this week is ensure the French business and investment community have accurate information about Papua New Guinea,” he said.
“These companies are creating jobs for our people by providing export opportunities for our farmers and they are providing the machinery and technical expertise that is helping our economy to grow.
“Knowledge is power in business and this forum is creating awareness amongst senior French business people and the forum is proving to be an invaluable success.”
The forum and related meetings continue today and will include high-level discussions with Total SA in preparation for the start of the construction phase of the Papua LNG project.
O’Neill will become the first prime minister of Papua New Guinea to have a formal bilateral meeting with the President of France.