Malaysia, PNG trade increasing, envoy says

TRADE relations between Malaysia and Papua New Guinea have been increasing from year to year, according to Malaysian High Commissioner to PNG Jilid Kuminding.
He said PNG’s emergence as a new economic powerhouse of the region was much welcomed.
Kuminding said bilateral trade between Malaysia and Papua New Guinea from January to November last year totalled US$420.5 million (K1299m).

“Trade has increased by 11.2 per cent when compared with the corresponding period in 2015 of US$ 380.6 million (K1177m),” he said.
“Malaysia’s top exports to PNG were machinery, equipment and parts, beverages and tobacco, chemical and chemical products, petroleum products and crude petroleum.
“Meanwhile, Malaysia’s import from PNG were agriculture products, crude petroleum, petroleum products, vegetable oil, palm oil and palm-based agricultural products.”
He said foreign investors would continue to see PNG as an economic opportunity that should not be neglected.

“The LNG PNG project has already stimulated strong demand in the economy of the country especially in the key sectors such as infrastructure, retail services, banking and property,” he said.
“In addition to the LNG, there are numerous large scale, multi-billion dollar resource investments (mining, fisheries, and plantation) in the pipeline which will continue to bring crucial foreign investment funds in the long-term.

“The country’s wholesale and retail market is expected to see significant expansion.
Rising incomes and urbanisation suggest that the wholesale and retail market will gradually evolve away its traditional focus and informal market to new trends such as luxury goods and modern shopping malls such as Vision City Shopping Complex in the capital.
“There are huge potential and opportunities for Malaysia to tap into the many areas of investments and joint ventures in Papua New Guinea.” The National/PNG Today