PNG-South Korea 2022 trade worth K6 billion

TRADE between South Korea and Papua New Guinea was worth US$1.8 billion (K6.33 billion) last year, a 240 per cent increase from 2021, according to a visiting Korean official.
Park Byeong-seug, who is representing South Korean President Yoon Suk Yeol, revealed this to Prime Minister James Marape during a meeting in Port Moresby yesterday.
He is leading a delegation made up of politicians, government officials and business leaders on a visit to PNG.
“Trade volume last year between South Korea and Papua New Guinea recorded US$1.8 billion, (which) shows that how our economic relations are complementary to each other,” Park said.
“It means there is greater potential for both development and cooperation. “South Korea and Papua New Guinea are complementary because South Korea has the experience of growth and high-level technology, while PNG has high-growth potential as well as rich resources.
“South Korea has grown from one of the poorest countries in the world to one of the G10 countries.
“It is why South Korea is wanting to establish win-win relations with PNG based on a mutual understanding.”
Park invited Marape on behalf of Yoon to attend the first South Korea-Pacific Islands Summit in Seoul in May, to discuss climate change and furthering bilateral relations.
Marape said the huge increase in trade between South Korea and PNG had not gone unnoticed by the Government, and there was room for more growth.
“I want to offer PNG as an investment destination for Korean companies, and for our producers to export to your country’s markets,” he said.
“We have energy sources.
“We have raw materials.
“The Government is pushing for downstream processing and we invite companies in relevant industries in your country to come into our Special Economic Zones.”