The picturesque Gold Coast in Queensland played host to a significant convergence of business minds and political leaders from May 13 to 15, 2024, at the 39th Australia Papua New Guinea Business Forum and Trade Expo. Organised by the Australia Papua New Guinea Business Council alongside the Business Council of Papua New Guinea, the forum, themed “Climate of Change: Opportunities for Business in Papua New Guinea,” was not just a meeting of delegates but a beacon of hope and opportunity amidst global uncertainties. With over 350 participants, including top officials and trade exhibitors, this event set a new benchmark for engagement and collaboration, marking the highest attendance at an Australian forum since 2014.
Distinguished attendees included the Papua New Guinea Minister for Public Enterprises, the Minister for Commerce, two Vice-Ministers, other parliamentarians, and key diplomatic figures such as the Papua New Guinea High Commissioner to Australia, HE Mr. John Kali CMG OBE, the Australian High Commissioner to Papua New Guinea, HE Mr. John Feakes, and Mr. Reatau Rau, Consul General of Papua New Guinea in Queensland.
Vaughan Mills, President of the Australia Papua New Guinea Business Council, kicked off the forum by emphasising the promising investment and business opportunities in Papua New Guinea, despite current challenges. He underscored the importance of a stable and predictable fiscal and regulatory environment and the need to streamline permitting processes to expedite resource sector development and other economic activities. These steps are crucial for attracting significant foreign direct investment and securing Papua New Guinea’s future prosperity.
Hon John Rosso MP, Deputy Prime Minister of Papua New Guinea and Minister for Lands, delivered the keynote address on behalf of the Prime Minister. Ms. Elizabeth Peak, Head of the Office of the Pacific, represented the Australian Government. Both emphasised the strong bilateral relationship and the potential for business collaborations to enhance Papua New Guinea’s economic growth. They also recognised the significant contributions of the Business Councils and their communities to this enduring partnership over the years.
The 13th Henry Kila OBE Memorial Address was presented by Hon Peter Gutwein, Director of Countrywide Hydrogen Pty Ltd and Former Premier of Tasmania, who spoke about leveraging Papua New Guinea’s abundant renewable energy resources to benefit economically and contribute to global emissions reductions.
Ms. Elizabeth Genia, Governor of the Bank of Papua New Guinea, provided an overview of the country’s economy and the role of the Bank in managing foreign exchange demands. She highlighted the challenges businesses face due to the uncertainty in the foreign exchange market, which hinders foreign investment.
Independent economist Professor Satish Chand from the University of New South Wales offered insights into potential fiscal reforms and the role of State-Owned Enterprises in the economy. Mr. Paulus Ain, Commissioner and CEO of the Independent Consumer & Competition Commission, clarified the Commission’s approach to mergers and acquisitions within Papua New Guinea.
A panel on carbon market opportunities discussed the economic benefits for Papua New Guinea in a growing carbon market and the need for enabling legislation and reforms. Another session addressed the impact of recent civil disorder in January 2024, which caused significant damage to businesses and property, affecting jobs and insurance premiums.
The forum also covered digital opportunities and challenges, infrastructure projects, agribusiness, and regional business development. The PNG Yes Grow Program, aimed at developing the micro, small, and medium enterprise sector, was highlighted for its role in overcoming growth barriers.
The forum highlighted the vital importance of extractive industries to Papua New Guinea’s economy and urged the government to speed up major projects to tackle fiscal and economic issues. Ms. Susil Nelson-Kongoi, President of the Business Council of Papua New Guinea, invited delegates to the 40th forum in Port Moresby, celebrating the 50th anniversary of Papua New Guinea’s independence.
Article courtesy of the Australia Papua New Guinea Business Council
