PNG looking for stronger trade investment opportunities

PAPUA New Guinea is looking for stronger trade investment opportunities with other countries, especially China and Australia, says International Trade and Investment Minister Richard Maru.
Maru told the Australia-PNG Business Forum and Trade Expo in Port Moresby yesterday that the two countries shared rich cultural ties and history.
But the country-to-country trade and investment has leaned toward Australia’s favour which has not done enough to support PNG’s exports.
“Since independence, we have yet to export our taro and banana to the Australia markets, while Australia continues benefit from PNG,” he said.
“This will have to stop, and Australia will now have to cope with the direction that PNG is taking in international trade and investment opportunities.
“Since Australia has not held its side of the bargain, PNG will now move on and look for much stronger and deeper trade and investment relationships with other countries, starting with China.”
PNG negotiated trade missions in China three months ago, and in eight other countries.
“If Australia is late, PNG will no longer wait,” Maru said. He added that PNG’s export to Australia were mainly gold and precious metals, making up 98 per cent of the total exports.
Only two per cent are from the non-extractive industry.
Maru said Australia’s total investment value in PNG was about A$24 billion (about K56.7 billion).
PNG investments in Australia, particularly in property, is under A$4 billion (about K9.46 billion).
Australia has been using its strict tactical barriers and bio security to make it difficult for PNG to exports its taro, fish, sweet potato, and food products, Maru said.
“We will be opening a trade mission office in Brisbane,” he said.
“Our trade partners are China, Malaysia, European Union, United Arab Emirates, Indonesia and Singapore.”