Australian Prime Minister visits Papua New Guinea Seeking to Boost Two-Way Trade

January 17th, 2023

Source: PNG Business News – January 2023

Australia’s Prime Minister Anthony Albanese has announced plans to increase two-way trade with Papua New Guinea (PNG) in areas such as coffee, cocoa, fisheries, and tourism. In a speech to Parliament, Albanese stated that the Australian and PNG governments should work together to “unlock a new generation of prosperity” and build on the current $24 billion of direct investment from the Australian private sector in PNG.

Albanese acknowledged that PNG is looking to expand its exports of more processed goods and varied agricultural products, and sees this as an area where the Australian business community can play a key role. He also stated that the Australian government is willing to assist PNG in improving its bio-security measures to allow for greater exports of processed goods and agricultural products.

Furthermore, the Prime Minister sees opportunities for PNG to expand its green economy, and that Australian companies are interested in exploring opportunities in this area, including in hydro and hydrogen production. He said “I know a number of Australian companies are keen to explore what can be done in this area, including in hydro and hydrogen production, for example. Together, I am confident we can ensure that the rich natural resources of PNG are made to deliver good jobs, lasting investment and sustainable development for your nation.”

PNG Prime Minister James Marape, in response, emphasized the importance of stronger economic ties to ensure a safer Indo-Pacific region. He said “Our focus on ramping up trade, free flow of exports and our people to Australia will be a main issue of discussion with the Australian leadership we are so privileged to have today. This is not just a social conversation, it is deep economic strategy of our nation.”

This announcement highlights the potential for increased collaboration between Australia and PNG in various sectors, and the willingness of both governments to work towards a prosperous and sustainable future for both nations. The focus on expanding trade and investment in agriculture, bio-security, and green economy are promising steps towards achieving this goal.