PAPUA New Guinea offers “stability, responsible management and growth” to investor from the United Kingdom, PNG Prime Minister Peter O’Neill has told a meeting in London.
Speaking at the UK-Papua New Guinea Trade & Investment Forum, held in London in early June, Mr O’Neill told more than 300 business leaders that opportunities in PNG were better than they had ever been.
“Our democracy remains a beacon of stability that is lacking in many developing countries,” he said.
He also made reference to PNG’s independent judiciary and Central Bank.
“The Central Bank has made tough decisions but this ensures inflation is manageable, exchange rates are not subject to large fluctuations and interest rates continue to remain stable,” he said.
The Forum, at which senior members of Mr O’Neill’s government and a number of senior PNG business leaders spoke, was the final event in a week-long visit to the UK made by Mr O’Neill, which also included meetings with Queen Elizabeth II and UK Prime Minister David Cameron.
The meeting between Mr O’Neill and Mr Cameron saw both leaders agree on a need for stronger trade and cultural engagement between the two countries.
“There are already a number of Papua New Guinean students attending British universities and this could increase,” he said.
“We also have the opportunity for British students to come to Papua New Guinea as part of their university programs and to do their research.”
Following the UK visit, Mr O’Neill travelled to France to meet with the French Minister for Foreign Affairs and International Development, Laurent Fabius, as well as senior management of French oil and gas major Total and Puma Energy.
He also met with the President of the European Commission, Jean-Claude Juncker, to discuss ongoing trade issues with the European Union.
“Europe is an expanding market for Papua New Guinea that offers increasing business potential,” he said.
“We need to ensure that we progress these opportunities to increase investment in areas that include energy production and expand trade through our fisheries, oil palm, agricultural and tourism industries.”