PNG Prime Minister Peter O'Neil says, his government is providing both the political and policy stability to ensure Papua New Guinea remains an attractive location for business and investment.
Speaking at the official opening of the annual PNG-Australia Business Forum in Lae today, Mr. O'Neil says this is evident in the list of major international corporations who've decided to invest in Papua New Guinea since the last Forum. The total level of Australian investment in PNG is drawing close to 50-billion Kina, and two-way trade is around 15-billion Kina annually. In a snapshot Mr. O'Neil named energy company Total from France, who will be delivering the Elk-Antelope gas project in Gulf province, Anglo American who will be forming a joint venture with Highlands Pacific in mining opportunities in the Star Mountains and Australian-based PanAust whose also invested in the Frieda River Copper Mine Project in West Sepik. Mr. O'Neil also named China's Guangdong Rising Asset Management, G-E and Puma Energy as other major investors in the country. Thanking Australian companies for their confidence in the PNG economy, Mr. O'Neil says investment in the resources sector is continuing to expand despite the sector being undermined globally by low commodity prices. Ferrari Give Away from the resources sector the Prime Minister says, PNG also has the potential in tourism, agriculture and the Small to Medium Enterprises sector.
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