Business Lunch with the Prime Minister of Papua New Guinea.
The Australia Papua New Guinea Business Council was pleased to hold a business luncheon with the Prime Minister of Papua New Guinea, the Hon Peter O’Neill CMG MP in Sydney last week.
— By APNGBC
The Australia Papua New Guinea Business Council was pleased to hold a business luncheon with the Prime Minister of Papua New Guinea, the Hon Peter O’Neill CMG MP. The luncheon took place in Sydney at Sheraton on the Park on October 26th and was sponsored by global law firm Dentons and Papua New Guinea’s leading oil and gas exploration and development company, Oil Search.
The luncheon attracted 114 attendees including senior business executives, industry representatives, and government ministers from both Australia and Papua New Guinea.
The Prime Minister was welcomed to the stage by Mr Peter Taylor, President of the Australia Papua New Guinea Council who spoke of the enduring partnership between Papua New Guinea and Australia as its closest neighbour and largest foreign investment and development partner.
Peter O’Neill then spoke about his government’s policies following his return to Office for a second five year term after his recent national election win in Papua New Guinea. Mr O’Neill spoke of his government’s 100 day plan to implement a range of economic and development initiatives but admitted more reform and streamlined processes are needed to achieve efficiencies.
“Australia is our largest investment partner, and we want to increase business opportunities,” the Prime Minister said to the packed forum.
“We want Australian business to expand investment into Papua New Guinea, particularly into non-traditional areas that are outside the resources sector”, he said.
“There are great opportunities in tourism, agriculture and the small to medium manufacturing sector. Australian companies have technical capacity that will build our key sectors, and from there investment will have a sound return on investment”, Mr O’Neill said.
The Prime Minister went on further to announce that the 2018 budget will soon be presented to Parliament and aims to encourage business and create jobs.
“We have a long-term plan to reduce our deficit levels while maintaining growth in the economy, and to maintain stability around inflation and interest rates”, the Prime Minister said.
Mr O’Neill continued to reinforce that his government will streamline agencies that are not functioning efficiently and will introduce reforms that will raise the level of service delivery to the expectations of their electorate and business community.
Prime Minister O’Neill hopes that with these reforms and initiatives an environment conducive to big business will eventuate in Papua New Guinea.
A media release has been released by the office of the Prime Minister about the event and can be found here.
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