Report on PNG highlights benefits of chairing Apec meeting

FUTURE trade is expected to be based on Papua New Guinea’s ability to leverage competing foreign interests, says Oxford Business Group editor-in-chief Oliver Cornock.
He said this in the lead-up to the launch of a report from the global research and consultancy firm Oxford Business Group on PNG.
The Report, Papua New Guinea 2018, explores both the near-term gains and longer-term benefits from PNG chairing Asia-Pacific Economic Cooperation 2018.
Cornock said its role as host of many high-profile Apec meetings in 2018, together with other key regional developments, had provided a timely opportunity for the country to revive investor interest.
“China has already moved to expand its interests in PNG, while other key bilateral partners are also strengthening their presence in the country, as our report shows,” he said.
“Looking ahead, we expect future trade and investment relationships to be shaped by PNG’s efforts to leverage competing geopolitical interests to its advantage.” The regional editor for Asia, Patrick Cooke, noted that the report also highlighted PNG’s bid to boost exports, with the recent launch of its national trade policy a key step forward in these plans.
“Self-sufficiency and economic diversification were identified as priorities following the 2017 elections, alongside the implementation of reforms to address the budget deficit,” he said.
“Our report indicates that the government’s plans for developing PNG’s non-extractive industries are gaining pace, whilst Apec 2018 will prove to be a useful springboard to generate investor interest and strengthen regional trade links.”