โOpportunities Beyond the Boomโ was the theme for the 30th Australia-Papua New Guinea Business Forum, which began today in Cairns, Australia.ย
Attending this morningโs opening address were some of the countryโs political heavies, with the Prime Minister himself leading the ministerial delegation.
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Mr. OโNeill spoke proudly of the countryโs first LNG export to Japan in the coming days but stated that PNG needed to be more competitive in the Asia Pacific region while maintaining its leadership status in the Pacific.
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Reaffirming the Asian Development Bankโs prediction about PNGโs GDP growing to an unprecedented level next year, he stated that economic growth is steady while export performance is sound.
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The Prime Minister, however, also refuted the caution made by the Central Bank with regards to having high hopes about the revenues from the first LNG exports.
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The Governor for the Central Bank, Loi Bakani, had warned the government and stakeholders not to have high expectations of windfall revenue in the first year of production.
