PNG invests K300m in Fiji

TWELVE companies from Papua New Guinea have investments totalling almost K300 million (F$218.7 million) in Fiji, led by Bank South Pacific, according to High Commissioner Romanu Tikotikoca.

He told Prime Minister Peter O’Neill, Grand Chief Sir Michael Somare and guests at the Fiji Day celebrations in Port Moresby on Friday that Fiji exports to PNG rose from F$19 million (K24 million)  in 2010 to around F$63 million (K79.74 million) last year.

He said PNG exports to Fiji “had little movement remaining around the F$7 million (K8.86 million) mark during that period”. “However PNG investments into Fiji rose between 2002 and 2013 with 12 companies now investing in Fiji with a total of F$218.7million (K300 million) with BSP, Grand Pacific Hotel Ltd and Pearl South Pacific Resort, leading the way,” he said.

He said the Melanesia Spearhead Group trade show in Port Moresby next month “marks another milestone in MSG, PNG and Fiji relations”.

“More broadly, the Fijian and PNG governments with our respective private sectors share a bold vision, which is a truly integrated Pacific, pursuing common goals that grow our economies, increase our regional and global influence and, benefit all our peoples,” he said.

“This transformation has been staggering over the years. The MSG has moved from a three-item list on our trade schedule (tinned fish, sugar and beef) to trade in thousands of goods and service. This has surpassed even our most optimistic expectations.

“PNG-Fiji relationship is now on such solid ground that trying times, both recent and ahead, must not be able to shake. Such a friendship was forged all those years long ago with the early missionaries and the legacy they left behind.”