PNG, Malaysia hope to improve on K22 billion trade

PNG, Malaysia Hope To Improve On K22 Billion Trade [Photo : Malaysian owned Vision City Mega Mall in Port Moresby]

PAPUA New Guinea and Malaysia need to improve their relations more, says International Trade and Investment Minister Richard Maru.
Maru is attending a meeting of the Asia Pacific Economic Cooperation trade ministers meeting in Detroit, United States.
Maru spoke with Malaysia’s investment, trade and industry deputy minister Liew Chin Tong, who was also there, about Malaysia being the second biggest investor in PNG in the non-renewable sector.
The total trade between the two countries was more than K22 billion in 2021 and it is expected to increase.
“These trade and investment relations are built on the private sector,” Maru said.
“There is a great opportunity for both countries to further enhance their relations by encouraging greater cooperation in trade and investment, including a possible investment protection and promotion agreement, a trade agreement, and other technical cooperation, including education and digital trade.

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“Malaysia is the second biggest investor in Papua New Guinea in the non-renewable sector with more than US$10 million (about K35.2 million) investment and 200-plus companies.
“The total trade between the two countries stands at more than K22 billion in 2021 and is expected to increase.
“This trade and investment relations is in the private sector.”
They agreed that officials from both countries meet in July to discuss a possible exchange of visits by the prime ministers of both countries this year.
“We are encouraged by Malaysian investors like WR Carpenters which is already in PNG and investing in manufacturing and shipping services,” Maru added.
“We want to see more investment from Malaysia in downstream processing of raw materials such as logs and timber products.”

TheNational/PNGfacts

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