Pacific Trade Invest China was pleased to be a supporting partner at the inaugural PNG-Asia Investment Conference, organised and led by Papua New Guinea’s (PNG) Chamber of Mines and Petroleum with the support of the government of PNG. Held in Hong Kong in October, the conference was a collective approach by key stakeholders in PNG to showcase investment opportunities in PNG to existing, new and potential investors from across Asia.
In his address at the opening of the conference, PNG Prime Minister, James Marape, expressed his optimism for the growth potential of Asian economies, which fuels opportunities in commerce, trade and people-to-people exchanges. “In recent years, we have witnessed a notable increase in Asian investments in PNG, which has created further potential for growth. The time has come for businesses and industries to create investment opportunities for Asian investors, particularly in the minerals and energy sectors.”
In 2018, PNG became the first country in the Pacific region to sign an MoU with China for ‘Belt and Road’ initiative, leading to frequent bilateral economic and trade exchanges. In 2018, China became the top investor in PNG, with a cumulative investment of more than US$3 billion in real estate, finance, wholesale, retail, energy, and mining, among others.
Richard Maru, PNG’s Minister for International Trade and Investment, stated: “China is now our most important trading partner, and bilateral trade between PNG and China has now reached PGK15 billion per year. We see the potential for that to grow even further. The conference marks the beginning of marketing our investment opportunities to Asian investors, especially in China, to invest in PNG.”
A range of reformed investment regulations by PNG’s relevant government ministries were presented at the conference.
“It was encouraging to see a whole-of-government approach to the reforms of investment regulations, reviews of investment policies, and incentives, all of which promote strong investment into the country and streamline the processes of doing business in PNG, as the country forecasts strong growth in investment opportunities in the very near future,” said PTI China’s Trade Commissioner, Mona Mato.
Apart from opportunities to invest in the mining, petroleum, and energy sectors, the policies and opportunities in agriculture, fisheries, forestry, manufacturing, and service industries, as well as special economic zone (SEZ) projects, were also presented at the conference.
“We are now actively working closely with some of PNG’s SEZ projects and are exploring the investment opportunities in this space, as the growth of PNG’s investment is forecast to grow,” reflected Jane Ma, Head of Investments, PTI China, on the outcomes and subsequent work of the conference.
The PNG Investment Promotion Agency highly values its longstanding relationship with PTI China and its support for this investment conference, as well as the consistent work on improving market access, providing in-market support and serial digital initiatives, etc.
Commissioner Mato further reiterated PTI China’s intentions, stating that “Supporting such conferences is well within our mandate as a trade organisation and we are pleased to have been a supporting partner with the Chamber of Petroleum and Mining. Over the years, we’ve put a lot of energy into showcasing Pacific Island investment and trade resources across China, at key events and exhibitions. Such professional conferences and media exposure allow PNG businesses to seize the opportunity and engage closely with Chinese partners, and for both sides to have a deeper understanding and appreciation of the market needs, and then adjust their investment and development strategies accordingly.”
For more information, please contact Jane Ma, Head of Investments of PTI China at jane.ma@pacifictradeinvest.org.cn
