PM invites China to invest in PNG

 By BEATRICE BONAKOYA

PRIME Minister Peter O’Neill has welcomed Chinese investors interested in the development of oil and gas projects and the resource sector in the country.

He told the China-Pacific Island Countries forum in Guangzhou city, China last Friday that the country received substantial concessional loan funding from China for major development projects and was ready to welcome interests by Chinese investors in PNG. 

“This concessional funding means we are able to do even more in meeting the growing infrastructure demands of a growing population and a growing economy,” he said.

He commended the Chinese government’s grant-in-aid committed to Pacific Island countries including PNG under its Economic Development Cooperation.

“This generous assistance supports the national development and community development agendas of our countries – and contributes to improving the living standards of our people,” he said.

O’Neill said investment links between the two countries had grown significantly in recent years through major projects such as the Ramu nickel project in Madang, in which China Corporation remained the major shareholder.

He said China was a major player in the first liquefied natural gas project, which would begin exporting in 12 to 15 months.

“In turn, we hope we can diversify our exports to China,” O’Neill said.