Trade and Investment Minister Andrew Robb will visit Papua New Guinea between 17-20 May to promote further commercial engagement and two-way investment in areas such as resources and energy, infrastructure and services.
Mr Robb will lead a business delegation of prominent Australian companies in infrastructure, petroleum and mining, many of which already have a significant presence in PNG and are looking for further opportunities.
The visit coincides with the Papua New Guinea Business Forum, the major annual bilateral business meeting between Australia and Papua New Guinea.
“PNG has an unprecedented opportunity to turn the economic value of the recent resources boom into tomorrow’s future prosperity,” Mr Robb said. “Australian investment in PNG is worth about $19 billion, while bilateral trade stands at around $7 billion and we are keen to grow these numbers,” he said.
Mr Robb said resources and energy was an area of growing collaboration. Australia is a major supplier of equipment, technology and services to the PNG mining, oil and gas industries.
“PNG is set to become one of the world’s fastest growing economies, with the commencement of exports from the US$19 billion PNG LNG Project and our delegation will visit the project site on Tuesday,” he said.
“Australia and PNG are well placed to work together in pursuing the emerging opportunities across the Asia Pacific on account of an exploding middle class, in areas like food, resources and energy as well as tourism.”
Australia has re-oriented its aid program to focus on supporting private sector growth in PNG. Mr Robb will visit the Australia Pacific Technical College in Port Moresby, which represents a significant Australian investment in helping to build capacity in PNG’s workforce.
“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,” he said.
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555