Papua New Guinea invites greater UK investments

More than 300 business leaders, from the United Kingdom, as well as Europe and the United States, have been given new insight to the economic growth of Papua New Guinea and potential returns on investment.

In his keynote address at the inaugural United Kingdom - Papua New guinea Trade and Investment Forum in London on Tuesday, the Prime Minister, Hon Peter O'Neill CMG MP, provided perspective to ongoing economic development."Stability, responsible management and growth is what we offer to you," Prime Minister O'Neill told the opening session of the forum.

"Underpinning our economic growth are our core policies that are building a solid foundation for our country into the future

"These policies relate to free education, universal healthcare, improved law and order, and infrastructure development.

"The opportunities in Papua New Guinea are better than they have ever been.

"Papua New Guinea is open for business and I invite you and your colleagues to join with us is maximising these opportunities."

PM O'Neill highlighted the relevance of political stability and the independence of national institutions in Papua New.

"Our democracy remains a beacon of stability that is lacking in many developing countries.

"Stability is what that the country requires so that economic growth will continue as we give confidence to the business community.

"Alongside a stable political environment in Papua New Guinea, we also have an absolutely independent judiciary.

"The Central Bank is fiercely independent – as the Governor's statements on the economy continue to demonstrate.

"The Central Bank has made tough decisions but this ensures inflation is manageable, exchange rates are not subject to large fluctuations and interest rates continue to remain stable.

"Our leading national institutions are strong, independent and are shining examples of stability."

The Prime Minister provided perspective on the challenges that nation has faced over the past four decades particularly when it comes to service delivery in remote and regional areas.

"An important change we have made is to genuinely devolve decision-making away from the capital – to empower the levels of government closest to the people.

"This is principally district level administrations and local and village councils.

"That is bringing our democracy and the delivery of government services even closer to the people - especially our rural majority."

The forum was attended by senior managers from the financial and business sectors who were given the opportunity to engage directly with ministers and senior departmental officials to gain a stronger understanding of the potential offered by investing in Papua New Guinea.