Photo credit: Loop PNG
According to Investment Promotion Authority (IPA) managing director Clarence Hoot, the total value of the 249 foreign investment proposals in the nation up to last month was about K1.3 billion.
He told a business conference that the energy sector had the most proposed investments, totalling K500 million. He stated that the Coronavirus (Covid-19) pandemic had a negative influence on global FDI, but that this will improve as firms adapt and advance.
“Our foreign investment statistics as of August 2021 shows that 241 new proposed investments came into PNG,” Hoot said.
“That was about K1.3 billion and the energy sector recorded the highest FDI at a value of K500 million.”
With almost K300 million, the wholesale and retail industry came in second.
Manufacturing, mining, and petroleum, among other industries, also saw gains.
The data came from the IPA's overseas certification procedure, according to Hoot.
“Papua New Guinea has had its share in downward FDI’s mainly due to the Covid-19 induced measures and travel restrictions with the movement of people,” Hoot said.
“Despite the pandemic scare, businesses are slowly picking up and we expect the FDI to rise as well.”
Australia leads the way in terms of investment inflow, followed by Malaysia and the United States.
Reference: The National (22 September 2021). “Foreign investment up K1.3bil”.
