PNG trade with Australia experiencing surplus: Pato

PAPUA New Guinea’s export value to Australia totals “some $4 billion” (K9.75 billion) and the country receives just over half that value in terms of imports from Australia, Foreign Affairs Minister Rimbink Pato says.
Speaking at a business forum in Australia this week, Pato said: “Australian companies have already invested some $18 billion (K43.88 billion) in Papua New Guinea.
“About 4600 Australian firms do business in our country.
“The value of our exports to Australia totals some $4 billion, and we receive just over half that value in terms of imports from Australia.
“We welcome the new consulate in Lae because both countries are focused on developing trade and investment in provinces other than the regions near Port Moresby.
“Those investment, trade and other business connections have their roots in a long history of friendship between the two countries, one supported by family, church, sporting, academic and business links down the generations.”
Pato said the swift decision of both Australia and PNG to establish the high-speed communications cable “will assist with connectivity to a degree we can hardly imagine at the moment. It will bring immense benefits”.
“We look forward to your increasing involvement with Papua New Guinea and hope that together we achieve the goals of prosperity for you as business enterprises engaged with our country, and also – and vitally – for our people as a whole,” he said.
“Please let us know if we can assist you.
“To ensure a good trading and investment environment, we have to continually work on up skilling our public service and workforce, to remove capacity constraints.”