Widen your horizon, PNG traders told

 By CARMELLA GWARE

A RESOURCE-rich country like Papua New Guinea could be widely recognised in the global market, Singaporean businessman Chong Foo Chaw said.

He said on Tuesday evening: “To be successful in business, you need to widen your horizon. 

“For instance, there are two countries that are predominant here. 

“You need to diversify … go out there and look at all the countries … the world has changed and you need to follow suit.”

He said that Papua New Guinean businessmen should not look at what they do not have. 

“Work with what you have – and in PNG’s case — you have a lot.”

“In Singapore, we have what is known as an economic development board. 

“They open offices in other countries to advertise Singapore there. 

“They invite businesses to come operate in Singapore … that is how our economy grew so fast in just 40 years.

Chaw urged the government to choose strategic partners for business. 

“Pick someone that has a win-win goal,” he said.

“Most importantly, look for capital outside of your country.

Chaw owns and chairs many corporate businesses across Europe, Asia and America including an information technology company that was later acquired by IBM.

“For example; there was this African country that I knew nothing about … I knew less about it than my little knowledge of PNG.

“It came onto the radar when they hosted a fundraising in Singapore. Look for a good ground for fundraising.

“If Singapore can do it, you can do it better,” Chaw said.