28/02/2024
INVESTMENT PROMOTION AUTHORITY
Opening Statement
By Mr. Leon Buskens, IPA Board Chairman
On the occasion of
PNG-Japan Public Private Joint Economic Seminar & Business Forum
28th February 2024
His Excellency Nobuyuki Watanabe, Japan Ambassador to Papua New Guinea
Mr. Ryuzo Saito, Director, Pacific Islands Centre Japan
Company Executives and Business Delegates from Japan
Respective heads of the PNG’s Peak Industry Bodies
PNG Business Community and Industry Participants
Government Stakeholders
Ladies and gentlemen
Ohayou gozaimasu
Daba Namona
Gutpla morning tru
Good morning
On behalf of the Papua New Guinea Government and the Investment Promotion Authority of Papua New Guinea, it is my pleasure to sincerely welcome you all and especially our special visitors from Japan, and to address you all today on this important occasion of PNG-Japan Public Private Joint Economic Seminar and Business Forum.
This program is jointly organized by the Investment Promotion Authority and the Pacific Islands Centre office in Tokyo. IPA PNG and PIC Japan maintains good collaborative engagements over the years promoting business, trade and investment between our two countries.
The aim of this joint economic seminar and business forum is to strengthen business, trade and investment cooperation at business to government and business to business engagements. And also people to people
Both Papua New Guinea and Japan continue to maintain and value our shared history of good friendship at bilateral level as far as development cooperation, business, trade and investment between our two countries are concerned. The business forum today is a testament of our long-established friendship.
From the bilateral development cooperation perspective, Japan’s investment in PNG’s national infrastructure especially critical transport sector (with Jacksons international airport , Laes Tomodachi International Airport, bridges and solar projects) health sector (Port Moresby General Hospital, Kundiawa Hospital and others around the country), Port Moresby Sewerage Project, investment in education and training are immeasurable. We are forever grateful for a true friend in Japan and we will continue to value and sustain this friendship in years to come. And your coming to our country and presence at the time is very much appreciated. Its shows that true spirit
On bilateral trade relations, Japan is PNG’s single largest trading partner. The trade relations between our two countries go a long way. According to the data available on Bank of PNG website, PNG’s exports to Japan was valued at $12.9bn in 2022, followed by China (10.9bn), Singapore (9.9bn) and Australia (6.8bn). PNG exports mainly petroleum gas, copper ore and refined petroleum. PNG has the potential to export coffee, value added timber, cocoa, cattle, fish and vanilla among other commodity crops. PNG’s imports from Japan is mainly machinery and transport equipment. In 2021 during the covid years , PNG’s imports from Japan was valued at $183million with exports down.
In terms of foreign direct investment, there has been an increasing level of interests by Japanese companies in the last five years. According to IPA database, sectors of interest are mainly in agriculture and fisheries apart from petroleum gas and copper ore.
Today in this forum, it is my pleasure to welcome some of our potential investors from Japan interested in investing in PNG. PNG has more to offer in terms of investment in agriculture, fisheries, tourism, manufacturing, services, real estate, construction amongst others. We have credible Papua New Guinean businesses capable to enter into joint venture partnership with Japanese investors to do business.
I note from the composition of Japanese business delegation in the room today and they are mainly in the following areas of investment interest; tourism and hospitality, commodity trading, renewable energy, forestry, coffee, technology/drones/AI, orchids and vanilla. I believe there are also other areas of interest by Japanese companies and investors who are not here today and, which we look forward to engage with them in similar forums like this in the near future.
Despite of our many challenges as a country, Papua New Guinea remains resilient and an attractive investment destination for investors within the Asia Pacific region and as far as Europe and America. We are always thankful and appreciative of the business community and investors from Japan who continue to have confidence to do business in PNG during such crucial times.
As we evolve in this journey of genuine win-win partnership, lets also open up the opportunities for further value adding through downstream processing. It goes along way in both economic and social benefits from the ground up and makes good long term sustainbale business sense
It is my hope that today’s sessions will feature some important discussions for real and serious business to happen.
Doumo arigatou gozaimau
Thank you very much!
LEON BUSKENS
Chairman
