Banks, canneries welcome in PNG

PAPUA New Guinea Trade Minister Richard Maru said the participation of European banks in the country’s banking sector would stimulate competition.
Banks, canneries welcome in PNG Banks, canneries welcome in PNG Banks, canneries welcome in PNG Banks, canneries welcome in PNG Banks, canneries welcome in PNG

According to The National, he also extended an offer to the European Investment Bank to enter the PNG financial market, saying it would have a positive effect on interest rates.

The offer itself was made during a trade mission last month comprising PNG government officials and members of the business community, where Maru met with EIB representatives and invited them to set up offices in Port Moresby.

Increased interest from European firms considering doing business in PNG prompted Maru to say signs "look quite favourable" but he suggested more work needed to be done to attract foreign investment.

Although challenging, he said the government was keen to showcase the country's economic opportunities by "strengthening our presence and our visibility in Europe".

The Pacific Marine Industrial Zone in Madang was also discussed during the trade mission, with five out of the proposed 10 canneries to be built earmarked for European companies.

Maru said the European Union was a significant market for PNG fisheries and maintaining a strong relationship with the trading bloc would help protect jobs and provide market access for PNG fishermen and coastal communities dependent on fishing.

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