Australian Investment In PNG Tops $15 Billion

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Bilateral trade stands at $5.6 billion

By Isaac Nicholas

PORT MORESBY, Papua New Guinea (PNG Post-Courier, May 19, 2015) – The Australian investment in Papua New Guinea is worth about AU$19 billion [US$15 billion] while bilateral trade stands at round AU$7 billion [US$5.6 billion].

This was revealed by Australian Trade and Investment Minister Andrew Robb who visited the country yesterday to promote further commercial and two-day investment in areas such as resources and energy, infrastructure and services.

It is believed Robb will also lead a business delegation of prominent Australia companies in infrastructure, petroleum and mining and many which already have significant presence in PNG and are looking for further opportunities.

The visit coincides with PNG Business Forum, the major annual bilateral business meeting between Australia and PNG.

In his press release sent yesterday Robb said, "PNG has an unprecedented opportunity to turn the economic value of the recent resource boom into tomorrow’s future prosperity."

Rob said resources and energy was an area of growing collaboration and Australia is a major supplier of equipment, technology and services to PNG mining, oil and gas industries.

"PNG is set to become one of the world’s fastest growing economies, with the commencement of the exports from the US19billion PNG LNG Project and our delegation will also visit the project site on Tuesday this week," Robb said.

Robb said Australia has now re-oriented its aid program to focus on supporting private sector growth in PNG.

Robb will also lead his delegates to visit the Australian Pacific Technical College in Port Moresby which represents a significant Australian investment in helping to build capacity and PNG’s workforce.

Robb said, "Australia has much to offer PNG in services like education and vocational training, in key skills areas such as automotive, manufacturing, construction, electrical, tourism, hospitality and health."

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