PNG to gain more from efficient infrastructure - Solomon Star News

PNG to gain more from efficient infrastructure

24 March 2014

DEVELOPING economies like Papua New Guinea will gain more from investing in infrastructure such as road, bridges, ports unlike advanced economies, ANZ’s Asia- Pacific economist Daniel Wilson said.

Supporting  this, ANZ chief executive Mark Baker highlighted that infrastructure development for agriculture particularly the coffee industry would mean building roads for farmers to get their products out to ports and to markets.

“Infrastructure will help agriculture, that’s one of the critical things,” he added.

Speaking at a breakfast yesterday Wilson said key factors for growth in the Pacific are tourism and infrastructure.

He said PNG had a lot to offer overseas markets particularly China.

Wilson said: “Pacific trade growth has surged over the past decade on both exports and imports.

“Trade growth was higher: midterm from 2002-13 versus low single digits over 1981-2001.

“This is evidence that the region is stepping up its integration with the global economy.

“If we look at trade in the Pacific over the 10 years, it has climbed six times in the decade close to US$25 billion (K60 billion)  annually and PNG accounts for majority of this.

Wilson said PNG accounted for about 80% of exports from the Pacific and about 65% of the total retional imports

“In our (ANZ) view, tourism and infrastructure will be the key for growth in Pacific and these are also sectors PNG can target for growth in future”.

Port Moresby (The National)