Businesses urged to tap into PNG’s billion dollar projects

PNG LNG First shipment of liquefied natural gas from the Papua New Guinea project (PNG LNG) was announced 26 May 2014. Picture: SUPPLIED.

FAR Northern firms are underestimating the value of doing business with the region’s closest neighbour Papua New Guinea.

A forum in Cairns next year will encourage the business community to take advantage of the work available in PNG.

The 32nd Australia Papua New Guinea Business Forum and Trade Expo leaders Greg Pawson, David Toua and Phil Franklin say companies just don’t appreciate the opportunities.

It was last held in Cairns two years ago and attracted PNG’s Prime Minister Peter O’Neill and Australia’s Foreign Minister Julie Bishop.

The business leaders said Australia was the largest foreign investor in PNG with investments over many decades totalling about $20 billion, about the same as Australian investment in China and more than double that in Indonesia.

“Yet in Australia the economic relationship goes under the radar with less focus on the positive than on the negative,” they said. “Papua New Guinea’s investments in Australia are increasing, and Australia is the primary destination for Papua New Guinea’s exports, predominantly from the extractive industries.

“There is considerable scope for expanding the range and destination of Papua New Guinea’s exports, especially in agriculture.

“Outcomes expected from the meeting include better insights into business and investment opportunities available through further developing the bilateral business and investment relationship, including through contacts made with other business people.

“Business groups in each country will present to government issues of policy change and administrative action needed to facilitate bilateral business and investment growth.”

Gary Alyward of Tradelinked Cairns and PNG said when it was held in Cairns two years ago it was the biggest in 30 years. He said it attracted many delegates because of the location, the convention centre, accommodation and good aviation access.

“We are in a great position. We just need to get off our backsides. It’s not going to come to us,” he said. “The rest of the world is there ... China, Singapore and Malaysia.

“There’s everything available from the top end to the very small business operator.”

The forum is at the Cairns Convention Centre for four days from May 15

Source: Cairns Post