PNG investment at an all-time high

Business, Main Stories

The National – Thursday, June 23, 2011

INVESTMENT opportunities in Papua New Guinea are at an all-time high as a result of the economic boom led by the country’s petroleum and mining sector, PNG’s permanent secretary for Trade and Commerce Moses Nangu, said.
According to Fiji Times online, he said foreign investment was “speedier than ever” caused by the much-publicised liquified natural gas project.
As a result of this investment environment, Nangu said the need for skilled and semi-skilled labour was “becoming very important”.
He said it was, therefore, necessary that dialogue and negotiations on the subject with forum island leaders be pursued.
The online news said the Melanesian Spearhead Group was drafting a memorandum of understanding on a skills movement scheme and further discussions will take place in the upcoming Trade and Economic Ministers meeting scheduled for Port Vila, Vanuatu at the end of the month.
Speaking at a meeting of the Pacific Islands Private Sector Organisation (PIPSO), Nangu said the mining sector also continued to thrive with exploration works for other geophysical sectors were ongoing.
PNG ranks 11th in the world as gold producer and 10th in terms of copper production – with a real potential of exceeding present production levels. Silver is a commercial by-product of most mines and PNG also has an extensive reserve of natural gas and oil.
In addition, he said export commodities continued to flourish, taking advantage of international commodity market prices.
The PNG business environment was relatively uncrowded and he said the government welcomed foreign investment that contributed to the economic development and prosperity of the country and its people.
Nangu identified the areas of agriculture, fisheries, forestry, mining and petroleum, manufacturing, tourism, financial services and telecommunications as potential areas of trade and investment.