PNG’S MORAUTA SAID PACIFIC NEEDS FOREIGN INVESTMENT

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PNG’S MORAUTA SAID PACIFIC NEEDS FOREIGN INVESTMENT

TOKYO, Japan (April 25, 2000 – Post Courier)---Prime Minister Sir Mekere Morauta urged Japanese businesses to invest in South Pacific countries.

Addressing a luncheon in honor of visiting South Pacific Forum leaders in Tokyo last week, Sir Mekere urged Japanese businesses to help South Pacific countries through new investments that would harness the region's natural resources.

"The South Pacific must engage fully in global economy. We know that we need the rest of the world more than the rest of the world needs us, so it is up to us to demonstrate that we can be useful partners," Sir Mekere told the luncheon.

The event was hosted by five economic organizations: The Japanese Chamber of Commerce and Industry, Japan Employers Federation Association, the Japan Association of Corporate Executives and the Japan Foreign Trade Council, which secured some of the century's top businessmen to attend.

"South Pacific economic rely on natural resources. They dominate our exports, while manufacturers and services dominate our imports. That makes our economies quite complementary to yours. Regional trade has grown rapidly. We continue to welcome investment and involvement from Japanese firms in helping us harness the value of our natural resources. We need to work together for the sustainable arrangement of resources, for example we need to ensure the harvest and development of our region's fisheries, especially in the stocks," Sir Mekere said.

He said the region needed investment in economic infrastructure, human resources as well as direct foreign investment in internationally competitive enterprises.

"We need capital from the rest of the world," he said.

He said in order to attract investment in the region, the countries needed to keep their houses in order.

For additional reports from The Post-Courier, go to PACIFIC ISLANDS REPORT News/Information Links: Newspapers/The Post-Courier (Papua New Guinea).

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