PNG export to soar by 2030

Business, Normal

The National, Wednesday October 16th, 2013


PAPUA New Guinea can expand its natural resource export by as much as six times, or to as high as US$36 billion (K87 billion) by 2030, a report released by the ANZ Group has projected. 

PNG’s rich natural resource sector and geographical proximity to the Asian continent placed it at a vantage to tap into the unparalleled opportunities offered by the unfolding “Asian century”, related reports said.

The report titled Thinking Bold: PNG in the Asian Century has projected that by 2030, the LNG project alone would be the largest source of export income and could grow to around half the resources sector revenue.

On the other hand, copper export would triple from US$1.1 billion (K2.65 billion) today to US$3 billion (K7.2 billion) by 2030.

ANZ Pacific chief executive Vishnu Mohan, who was in Lae yesterday, said the opportunity for PNG was not just about natural resources.

With half of global demand for food to come from Asia over the next 20 years, Mohan said PNG’s “enormous agricultural potential” would ensure its crucial participation.  

The government had already set ambitious agricultural targets reflecting this potential and realising the significant increases in agricultural output would be critical to protect the economy from an overdependence on natural resources, Mohan said.