Photo credit: Paradise Foods
According to James Marape, Papua New Guinea's "strategic position" in relation to Asia's main economies must be used by the country's business community and transformed into commercial possibilities, particularly in the field of food production and supply.
The Prime Minister noted that the populations of the Philippines, China, and Indonesia are likely to face food security challenges in the near future and that PNG must be prepared to enter this market.
Prime Minister Marape addressed members of the corporate community in the nation during a business breakfast meeting co-sponsored by Kina Bank and the Business Council of PNG.
The Prime Minister highlighted the Government's efforts to re-examine the renewable resources sector of forestry, fishery, and agriculture and move into downstream processing while giving an overview of the country's economic prospects for the next five years.
PNG's closeness to Asia's populous economy, he noted, presents the nation with excellent potential to export food to these countries.
“I point Papua New Guinean businesses to this area of investment in agriculture business and the food industry,” he said.
“You have 110 million in the Philippines who are living on 300,000 square kilometres of land. They will have food security issues in the future.
“You have 270 million Indonesians. They will have food security in the future.
“You have more than K1.4 billion people in China.”
These nations already have solid bi-lateral connections with PNG, according to the Prime Minister, which provides the foundation for commercial prospects to be exploited and developed.
PM Marape encouraged investors to explore this field, noting that agreements with the government to carry out these commercial activities always stand and go through regardless of government changes.
“Despite some seasonal economic fluctuations and seemingly weak economic fundamentals, PNG is blessed with a robust system of democracy where the three arms of government are separate,” said PM Marape.
“The Judiciary, for example, will function independently to safeguard all people in our country, including investors, to live within the law and agreement. This foundational tenet of our democracy makes Papua New Guinea a safe place for investment and business addresses.”
The Prime Minister urged investors to begin seriously considering food production and supply for Asian markets, and stated that the government would welcome such collaborative ventures and partnerships.
Reference: Department of Prime Minister and National Executive Council (2 February 2022). “PM Marape Encourages Food Exporting Businesses By Png For Asian Markets”.
