Russia looks to invest in PNG


RUSSIAN businesses are planning to invest in mining, oil, gas and agriculture in Papa New Guinea, according to the Port Moresby Chamber of Commerce and Industry.
Chamber president Rio Fiocco said this was among the issues discussed in a meeting in Port Moresby yesterday between Russian and local business representatives, supported by the Miklouho-Macklay Foundation, Russian Foreign Affairs Ministry, the chamber and business community.
“We discussed the current trade between the two countries which mainly comprises of exports from PNG coffee, tea and cocoa,” he said.
“We looked at areas where Russian businesses are looking at investing into areas of mining, oil and gas as well as agriculture.
“From Papua New Guinea, we explored the possibilities of tourism with Russians coming to see our beauty, wonderful diving and cultural heritage.”
Fiocco said there were opportunities for Russian businesses to provide agricultural machineries medical equipment.
“(Already) Russia is looking to assist Madang Hospital with some new (medical) equipment.”
He said it was a follow-up meeting to the Apec Leader’s Summit when Russian President Vlaime Dmitry Medvedev invited Prime Minister Peter O’Neill to visit Russia.
Fiocco said the Miklouho-Macklay Foundation would be establishing a “Russian corner” at the National Library this year.
“There is great interest in potential trade opportunities between the two countries. Russia is also offering opportunities for (PNG) students to study in Russian universities in English.”
A memorandum of understanding was signed during the meeting between Russia’s Ministry of Economic Development and PNG’s Department of Commerce and Industry to further economic development.
He said talks were also underway on the exemptions of visa requirements so that Russian tourists could get visa on arrival in Port Moresby. Fiocco said they also discussed establishing diplomatic missions in each country’s capital.