Relations with Asia set to grow after PM’s visit

The National National

PAPUA New Guinea’s economic, trade and cultural relations with Asia are set to strengthen further following Prime Minister Peter O’Neill’s visit to China last week.
O’Neill attended the Belt and Road Initiative (BRI) Forum in Beijing on Friday and Saturday, and held bilateral meetings with Chinese leaders.
“China is the second largest economy in the world and is investing heavily to further increase trade in Asia-Pacific, which includes support to enhance efficiencies in our economy,” he said after returning home on Sunday. In a statement yesterday, O’Neill said: “The core countries that are part of the BRI account for more than 30 per cent of global GDP, and 62 per cent of the world’s population.
“This is a big market and through better transport systems and supply chains, it offers great opportunities for our food producers and other small and medium enterprises.
“PNG was the only Pacific Island nation invited to attend at a leaders’ level, and we have ensured that we shared Pacific perspectives on a range of critical issues.
“The Belt and Road Initiative is aimed at delivering sustainable economic growth and lifting living standards, reducing poverty, enhancing job creation and creating business opportunities.
“This initiative connects countries through hard infrastructure with the building of roads, bridges, airports and ports.
“This is underpinned through soft infrastructure such as logistics, technical capacity building and skills sharing, access to finance markets at concessional rates and cultural exchange through education and tourism. At a working level this creates opportunities in Papua New Guinea to properly enter the digital economy through better access to technology that will improve production and efficiency.
“This includes the adoption of artificial intelligence, technologies, automation and financial technology.
“At the same time, where workers might be displaced by changing technologies, we will have support to provide fresh skills for new job opportunities.”