Toua: Industries must target export

 THE agriculture, manufacturing, services and innovative industries should not only be considered for domestic growth but also for export, Business Council of PNG President David Toua said.

“This is where trade and investment negotiations in the multilateral, regional and bilateral relations must be advanced,” Toua said.

Taking note of the PNG LNG project and how it continued to foster growth in the past years, he said the country had to be mindful of the need to look beyond projections of the extractive industry and lift other critical areas like the private sector.

Speaking at the launching of the National Working Group last week, he stressed that globally, the cost of doing business in PNG remained high.

The World Bank ranking indicated PNG’s drop in five places, from 108 to 113 out of 189 countries.

These had been attributed to a reduction in the ranking of starting a business, paying taxes and protecting investors among others.

Toua said: “We (business council) know converting opportunities to growth is a challenge and most of us in this room can attest to that. 

“As they say, balance sheets don’t lie.” 

Toua said the council was seeking critical leadership from the Cabinet.