Photo credit: AG Energy Limited
At the recent launch of the Edevu Hydropower Development, Chinese Ambassador to PNG, Zeng Fanhua, expressed that Prime Minister James Marape has expressed his hope to attract more Chinese enterprises to invest in PNG, which China actively supports to contribute to PNG’s economic development. The ambassador also stated that China is willing to cooperate with local partners to develop processing industries vigorously, improve the added value of agricultural and fisheries products, accelerate the local industrialization process, and increase employment and tax revenue.
Mr. Zeng highlighted that China is willing to share its big market and development opportunities with PNG, importing more high-quality products from PNG. Despite the COVID-19 pandemic's impact, the trade between China and PNG has shown rapid growth. Bilateral trade reached US$4 billion (K14 billion) in 2021, a year-on-year increase of around 26%, and reached US$5.28 billion in 2022, an increase of over 30%.
He further stated that "the latest data shows that China’s economy grew by 4.5% in the first quarter of this year, indicating a clear stabilization and rebound. The annual economic growth is expected to exceed 5%. We are confident that with the COVID-19 pandemic under control and the recovery of growth momentum of China’s economy, the economic and trade cooperation of China and PNG will continue to move forward to a new level."
Mr. Zeng emphasized that the good development momentum of economic and trade cooperation between China and Papua New Guinea cannot be achieved without the political guidance and support of the two governments, especially the leaders of the two countries.
