Fiji-PNG business talks - Solomon Star News

Fiji-PNG business talks

15 March 2014

The Fiji-Papua New Guinea Business Council, will host quarterly events to keep and increase member-interest on investment opportunities available between both countries.

On Wednesday was the first of the quarterly meetings where members were treated to a networking lunch at Tanoa Plaza Suva.

And promoting and driving some of this interest as well as telling members of the what to expect in PNG was Bank South Pacific Group chief executive Robin Fleming.

Mr Fleming, chief guest for the event, said: “There are a lot of opportunities available to businesses outside PNG such as Fiji, to participate and take advantage of the growth potentials seen in the country.

“The PNG economy is quite strong and vibrant as the overall gross domestic product is US $20 billion almost three times more than Fiji, Solomon Islands and Vanuatu combined.

“Transportation costs in PNG can be relatively high and hence it would only be imperative for the government to improve and rehabilitate the port to make sure to reduce costs.

“The cost of doing business in PNG is quite high, as some businesses are surrounded by higher tax rates and infrastructure issues compared to Fiji.

Mr Fleming highlighted PNG has a population of eight million people where 15 percent were in the formal economy and 85 per cent in the subsistence economy.

“In the subsistence economy a lot of them deal with coffee, copra, cocoa, palm oil and that particular sector of the economy drive strong growth which will continue.

Council president Kevin McCarthy said: “Robin has some good knowledge about PNG and provides handy advice to our members.

“Our members will benefit from the getting an update on PNG’s economy and the opportunity to talk to people within the council who have similar objectives to them.”

Suva (Fiji Sun)