PM woos NZ investors

 PRIME Minister Peter O’Neill has urged New Zealand industries to invest in Papua New Guinea for its sound, secure, profitable and stable economic climate.

O’Neill said: “We are the right destination for your investment and for doing business.

“I know I am biased, and proudly biased, when it comes to this, but I can assure you there has never been a better time to invest in Papua New Guinea, to trade with Papua New Guinea, and do business with Papua New Guinea.”

He said this when addressing the New Zealand business communities in Auckland recently. 

O’Neill said New Zealand has been able to maintain a strong and diverse agricultural sector and successful export industries over the years despite having mining resources.

He also stressed that PNG needs investment in mining, gas, tourism, fisheries agriculture and livestock and processing of agriculture to help diversify the country’s economy and private sector.

He said PNG’s stable political climate has allowed investors to make investment decisions with confidence. 

PNG’s GDP growth this year would be 6.1% – up from the projected 4% outlined in the 2013 budget.

O’Neill said inflation was contained better than what the government had projected – down to 5.6% from 8%.  

“I hope you will appreciate that we must “grow” our own small business sector – and I am very happy for that growth to include partnerships, joint ventures, and other arrangements with overseas small businesses, including those from New Zealand. 

“And I again want to stress: New Zealand investment that partners with our businesses and industries will be warmly welcomed.

“We have strong political stability … we have a growing economy 

“we have government spending largely under control, and we are focussing on the priorities of delivering services that improve living standards and opportunity; and we are addressing obstacles such as crime, and corruption,” O’Neill said.

He highlighted that PNG:

• has the strongest and most secure level of political stability since independence; 
• enjoys GDP growth that is the envy of many countries, including countries far more developed;.
• has sound fiscal management in place, with spending directed towards the right “mix” of delivering basic services, and providing the economic infrastructure needed to secure long term and broadly based growth.
• is rich in the resources the Asia-Pacific region needs such as minerals, natural gas, marine resources and agriculture; and
• is focused on addressing the few impediments that exist to the right investment and business climate, such as reducing crime, fighting corruption and addressing infrastructure costs, including power and transport.