Papua New Guinea in 2025 is celebrating 50 years of independence and at a time when US$50 billion ($76 billion) of investment is expected into resource projects.
President of the Business Council of Papua New Guinea Susil Nelson says this year’s milestone provides an important platform for businesses.
“It will recognise how our economic growth will be powered by the private sector, with a forecast of US$50 billion of resource projects,” Nelson says.
Data from the Australian Bureau of Statistics (ABS) indicates more than 4,000 Australian companies export to Papua New Guinea. It is the largest economy and island state in the Pacific. PNG is also the most populated Pacific Island with an estimated 10 million people.
Austrade’s Senior Trade Commissioner in Papua New Guinea Adrian Weeks says Australia has a strong connection to the country.
History, relationships, and support
Due to its strategic location and deep supply chains, Australian companies have long supplied products and services to Papua New Guinea.
“We are well regarded for our quality products, high standards, good governance and willingness to deliver positive social impact,” Weeks says.
“I am optimistic about the future of Papua New Guinea. Ten years of growth is about to begin, underpinned by a pipeline of projects valued at around US$50 billion.
“The people of Papua New Guinea are resourceful and resilient in the face of challenges, and are positive about the future.”
History, personal relationships, government support, and market opportunity are all connecting Australian business to Papua New Guinea, Weeks adds.
Australian businesses consistently keep mentioning to Weeks that business in Papua New Guinea is all about relationships. To be successful, they must engage with the market.
Tim Houghton, Austrade’s Trade Commissioner for the Pacific, says there is a consolidated infrastructure pipeline of work in the Pacific valued at US$1.9 billion. The pipeline spans 15 Pacific countries and multiple sectors yet Papua New Guinea remains the largest single market with 45% of pipeline value.
The Australia Papua New Guinea Business Council is in its fifth decade of representing Australian business investors and traders in Papua New Guinea.
President of the Australia-Papua New Guinea Business Council Vaughan Mills says the council has a long relationship with the Australian Government, particularly Austrade, and the Department of Foreign Affairs and Trade.
Together with the Business Council of Papua New Guinea, the council represents business interests at the annual Ministerial Forum, a bilateral meeting led by the foreign ministers of both countries.
The PNG Investment Conference was held on 8-11 December 2024 in Sydney which the Australian Government touted as an optimal opportunity to explore potential partnerships, as reported.
Austrade and Austmine co-developed a workshop at this event for Australian mining equipment, technology and services (METS) companies to meet key Papua New Guinean resources companies.
Write to Adam Orlando at Mining.com.au
Images: Austrade & Unsplash
