US-PNG business links promising

The National Business

LINKS between American and Papua New Guinea businesses are largely promising, despite there being no US-PNG bilateral trade agreements in place.
US Embassy economic officer Bradley Coley told The National that more than 50 per cent of US trade occurred outside of bilateral trade agreements, which they only have with 20 countries.
He said this when asked about the visit of the Australian-based American Chamber of Commerce to Lae and Port Moresby next week.
“There is tremendous opportunity for American businesses in PNG with or without a bilateral trade agreement,” Coley said.
“Both PNG and the US are members of the World Trade Organisation, which sets terms of trade between countries.”
He said some of the companies that would be coming to PNG were 3M, ConocoPhillips, General Electric, Jacobs, Johnson & Johnson, Laureate Education Services and Quanta Services.
“The businesses that we are expecting are all global companies with vast experience in many different markets,” Coley said.
“Some markets are governed by bilateral trade agreements, but many are not.”
Coley also said there is significant interest in the extractive sector.
He said this when asked if the upcoming Papua LNG may be an agenda for the visiting businesses.
Coley said an example was that of ExxonMobil showing that an American company could operate in PNG with high standards and be profitable.
“Other companies have noticed that reality,” he said.
“Besides ConocoPhillips, many of the companies coming on this trip are potential service providers for extractive projects.
“Companies like 3M, General Electric, Jacobs, and Quanta Services all provide vital services that will be needed in future resource projects in PNG.
“However, the incoming group is diverse with Johnson & Johnson interested in healthcare opportunities and Laureate Education in educational opportunities. I am pleased that we are going to be meeting with many different leaders in the public and private sectors in PNG, both in Port Moresby and in Lae, discussing the extractive sector, and much more.”