Payne: PNG vital economic partner

THE Australian Minister for Foreign Affairs and Women Marise Payne says Papua New Guinea is an important economic partner to Australia considering the investment by Australian companies in PNG which totalled to around A$17 billion (K57.7b).
Payne said recently that there were over 4,400 Australian businesses that were operating in the country and this would only grow as time goes.
“We know that Papua New Guinea is an important and valued economic partner for Australia in the Pacific region,” she said.
“We know that Australian companies have invested A$17 billion in Papua New Guinea and there are more than 4,400 Australian companies doing business with this country.
“We are strengthening those links further through our labour mobility schemes and I look forward to seeing those numbers grow right across the country.”
At the recent 27th Papua New Guinea-Australia Ministerial Forum in Port Moresby, the two governments discussed and agreed on a number of issues that directly impact businesses in both countries.
In a signed joint communique (agreement), the ministers noted PNG’s concerns on market access of its agricultural and fisheries products into the Australian market given Australia’s stringent quarantine requirements.
In this context, ministers recognised the continued need to maintain the significant and well-established cooperation between relevant quarantine agencies.
This was to work towards identifying and addressing the market access and biosecurity issues including those relating to non-tariff (price) barriers.
The ministers also supported PNG’s endeavours in developing the non-extractive sectors including downstream processing and value addition of agricultures, fisheries, forestry and tourism products and agreed that these sectors be a focus.
PNG also welcomed Australia’s support and assistance in its work to overcome non-tariff barriers and develop markets on selected PNG products through development programmes such as the Pacific horticulture and market access programmes.
They also acknowledged the commencement and laying of the Coral Sea Cable project from Sydney to Port Moresby and Australia’s continued support together with other partners on the rural electrification project in the country.