Bishop arrives in PNG for ministerial meeting

AUSTRALIAN foreign minister Julie Bishop arrived in Port Moresby yesterday to chair the annual Australia-Papua New Guinea Ministerial Forum, and she said the country’s booming economy will be a major focus of the talks.

Ms Bishop was accompanied by immigration minister Scott Morrison, defence minister David Johnston and justice minister Michael Keenan.

"The participation of four senior members of the Coalition reflects the strength and depth of the relationship the Australian Government shares with our closest neighbour." Ms Bishop said.

She said PNG was undergoing an "incredible energy renaissance" thanks to the windfalls from the US$19 billion ExxonMobil-led PNG LNG Project, which went online earlier in 2014.

"The nation’s economy is the fastest growing in Asia-Pacific, with forecast increases of about 15 to 20 per cent.

"Huge revenues will be coming into PNG," she told Sky News on Sunday.

"We want to work with them as economic partners to make sure that Papua New Guinea has in place sovereign wealth funds so that the money they are receiving from these massive energy projects can be spread throughout their country."