EU-PNG expo set for October

Business reporter DANIEL EALEDONA discussed with Investment Promotion Authority managing director CLARENCE HOOT what the country can expect in terms of European business investment opportunities.

The Papua New Guinea-Europe Business Council Incorporated will host the fourth PNG-Europe business, trade and investment conference on Oct 31 in Port Moresby

QUESTION: What investment opportunities can the Europeans Union (EU) provide for PNG?
Which investment and trade areas representatives are expected to attend the conference?

HOOT: The trend of investment interest coming from the EU has increased over the past decade.
The IPA foreign certification database indicates that a proposed investment value of more than K2 billion with 871 jobs to be created by the EU member countries in the past 10-year period (2012-2021).
The Netherlands, France, Cyprus, Ireland and Germany are among the top five EU countries investing in PNG.
The 114 companies registered by EU economies in the past decade included:

MINING and Petroleum proposed investment valued at up to K1.199 billion;
CONSTRUCTION sector attracted K280 million as the second highest proposed investment;
TRANSPORT with K135 million;
WHOLESALE and retail with K118 million; and,
REAL estate with an investment value of K42 million.

Downtown Port Moresby. “From our observation and assessment in the past events, participants are mainly from business service sector, agriculture and commodity exports, IT, transport, construction, tourism, retail/wholesale and most importantly mining and petroleum. This year, we expect more interest in sustainable energy and investment,” Investment Promotion Authority managing director Clarence Hoot said. – Nationalpic by KENNEDY BANI

How is the conference helping expand PNG’s investment guide book and act?
When we had the first conference in 2019, the number of participants increased to more than 300 – both domestic and international.
In 2020, we didn’t have the conference due to the Coronavirus (Covid-19).
In 2021, there were mainly online participants and few in person participants.
We registered close to 300 as we had participants dialling in from various parts of the world.
In 2022, we registered more than 400 participants for the two-day conference at Apec Haus.
We had delegates from the Pacific Islands also attending.
This year, it will be a one-day event and we are expecting to reach 300 participants.
From our observation and assessment in the past events, participants are mainly from business service sector, agriculture and commodity exports, IT, transport, construction, tourism, retail/wholesale and most importantly mining and petroleum.
This year we expect more interest in sustainable energy and investment.

What can we expect from EU investments in the fisheries sector, considering RD Corporation having signed a negotiation memorandum for the proposed downstream processing of tuna in Madang?
IPA is privileged to partner with the EU delegation in promoting discussions on improving business and investment climate in the country, and also exposing untapped investment potentials in almost all of the economic sectors.
The past events raised the level of awareness and interest for EU investors to explore PNG, given the largest market in the Pacific.

Is there a process EU businesses can use to promote investment opportunities for PNG stakeholder companies and businesses?
The EU by far is the most important trading partner for Papua New Guinea’s fishery exports, with duty-free and quota free market access.
Since 2008, most of exports from PNG enter the EU market duty-free and quota-free.
Taking full account of differences in the levels of development and sensitive sectors, PNG has liberalised 88 per cent of EU imports from Day One.

**An updated list of registered and reregistered/updated business entities.**

How has the collaborative partnership between IPA, the National Trade Office and the PNG-EU business council been? Has it been pivotal in exposing the country to trade and investment markets from the EU?
In our endeavor to streamline our business process including legislative reviews and reforms, we are advocating for more transparent processes in administering screening, certification and admission of FDIs from not only EU countries but also other countries.
We want to promote open and liberal investment regime and attracts investments and business on our shores.

How is the partnership between the IPA, the National Trade Office and the Department of Industry and Commerce?
Has it significantly influenced PNG’s drive to attract investment and trade opportunities from international investors for the country?
Since the first conference was hosted in 2019, the IPA partnered with the National Trade Office and the Department of Commerce and Industry to work with the EU delegation in delivering this significant event over the years.
This event is raising significant level of visibility for EU investors to enter PNG.
And I believe, we have done more than enough to raise PNG-EU relations at the trade, investment and development fronts.