PNG Benefits as Chinese Firms Expand Investments Across Key Industries

PNG Benefits as Chinese Firms Expand Investments Across Key Industries

More than 10,000 Papua New Guineans have secured direct employment through Chinese-owned businesses operating in PNG, as investment from China continues to spread across vital sectors of the economy, Chinese Ambassador Yang Xiaoguang says.

He said the growing level of Chinese business activity reflected stronger economic ties between the two countries, with companies investing in projects ranging from energy and infrastructure to agriculture, telecommunications and mining.

Yang said Chinese investors had played a role in delivering several major developments, including the Edevu hydropower project, the Napa Napa solar power project and the Noble Centre.

He said the expanding number of Chinese companies operating in Papua New Guinea had also created many additional jobs through supporting industries beyond the workforce directly employed by the businesses.

The ambassador said Chinese enterprises continued to uphold legal and ethical business standards while supporting economic growth and community development throughout the country.

Yang also described the China-PNG Business Roundtable in Guangdong as productive, with more than 250 companies from both nations taking part. The meeting followed the signing of an enhanced economic partnership framework agreement between China's Commerce Minister Wang Wentao and PNG International Trade and Investment Minister Richard Maru.

He said trade between the two countries had remained steady at about US$4 billion annually, equivalent to around K17.6 billion, with Papua New Guinea continuing to enjoy a favourable trade balance. Yang added that China was preparing to welcome Prime Minister James Marape and his delegation during the APEC Economic Leaders' Meeting later this year.

"Chinese businesses have invested in and constructed projects such as the Edevu hydropower and the Napa Napa solar power project."

"These companies have directly employed more than 10,000 PNG staff and the number of indirect jobs created are much more."

"China is ready to welcome Prime Minister James Marape and his delegation when they attend the APEC economic leaders' meeting in November."

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