PNG aggressive in investments in Melanesian countries

PAPUA New Guinea has been aggressive with its investments in other Melanesian countries in the Pacific, Business Council of Papua New Guinea executive director Douveri Henao says.

He highlighted that the country had the potential to continue to do so not only in trading of goods and product but in areas of services as well.

Henao made the statement yesterday – relating to Bank South Pacific’s (BSP) investment in the Solomon Islands and Fiji and the Mineral Resources Development Company’s (MRDC) investment in the Pearl Resort, in Fiji.

He said as such, the businesses needed political backing to drive their investments further and grow in their respective markets and sectors.

“These investments do require overall protection from the Papua New Guinea government.

“What do they need to be protected from?

“They need to be protected from government policies that may undermine future expansion and future activities undertaken by the ambition of PNG service investors. 

However, Henao added that: “Even without the rules of protecting our businesses via an agreement they (businesses) went further and invested in the Fiji market and the Solomon islands market.

He said that indicates that our businesses were willing to take on the risks and thrive in their respective markets.

“We have had an uptake of small enterprises in the financial lending market, both in the Solomons and in Fiji. 

“This sort of movement is an indication that there is an appetite for Papua New Guinea businesses to go deeper into Melanesia,” Henao said. 

Meanwhile, Henao said the role that Trade, Commerce and Industry Minister Richard Maru was playing in taking part in the expansion of trade agreements from goods to services was commendable. 

“The role that the minister will be part-taking in the expansion of the trade agreement from goods to services, even without the existence of a services chapter, services agreement in the MSG (Melanesian Spearhead Group), PNG businesses has been much more aggressive in the Melanesian sectors.”