US business investments to exclude reserved areas

PLANS by American companies to invest in the country do not involve dominating business areas that should be reserved for local companies says US Embassy economic officer Bradley Coley.
He said this in response to concerns about how foreign business entered PNG on the back of their government funding to set up large business.
Coley said this last week at the conclusion of a visit by eight American business representatives from the American Chamber of Commerce in Australia.
The US recently committed US$ 113 million (K369m) to the region as part of its Indo-Pacific Strategy.
“Nobody here is looking to compete or outdo a PNG business,” Coley said. “Johnson and Johnson want to sell their things in stores in PNG and 3M already exists here.
“Everyone here is looking to find partners in PNG to work with and not open a plant or store to compete.
“One of the good things with this trip is that there is only opportunity for partnerships here.”
US Ambassador Catherine Ebert-Gray said the US was a long-term partner with the region and PNG, both in business and security.
“While our new administration is focused on security, they are also interested in investment,” she said.
“In some ways they do come hand-in-hand.”
American Chamber of Commerce in Australia chief executive officer April Palmerlee said the four-day trip was prompted by PNG as hosts of Apec.
“There will be a lot of opportunities for American companies to come here and invest after Apec.”