PNG looks to boost business,trade opportunities with Europe

21 June, 2019 12:00 AM printer

SYDNEY: The first ever Papua New Guinea-European Union (PNG-EU) Business Conference is underway in PNG's Port Moresby on Thursday, with the South Pacific nation looking to boost trade and investment opportunities between the two sides. Organized by an EU delegation to PNG, the PNG Business Council and the PNG Investment Promotion Authority (IPA), the one-day meeting is part of PNG Investment Week, which began on Sunday, reports Xinhua.

One of the main items for Thursday's agenda is finding new ways to boost investment and cooperation in non-mineral sectors like agriculture, forestry, fisheries, manufacturing and services.

"The EU is excited that they are hosting the first ever EU-sponsored conference in Port Moresby this week because there is so much potential for European companies and investors to do business in PNG," EU Ambassador to PNG Ioannis Giogkarakis-Argyrpoulos told local newspaper, the Post Courier. "But that is also true for PNG exporters to the EU internal market of some 500 million affluent consumers who are looking for high quality products that are sustainably grown or produced."

Striving to be more competitive in the global market and seeking new export flows to Europe, key industry players from both PNG and the EU will outline specific economic industries that have been identified as priorities for trade and investment in PNG. "I am optimistic that with this event, we are jointly laying the groundwork for more of these conferences in the years to come," IPA managing director Clarence Hoot said.