Ties between Japan and Papua New Guinea were further strengthened this morning during a business breakfast in Port Moresby attended by Japanese Prime Minister, Shinzo Abe and Prime Minister Peter O’Neill.
Both leaders bore witness to the launch of the Investment Promotion Protection Agreement between their respective countries.
Addressing the business community at the Crowne Plaza this morning, Prime Minister Abe congratulated Papua New Guinea on its’ first LNG shipment to Japan and endorsed PNG as being the engine of the Pacific economy.
He stated that Japanese companies have been investing in PNG since before the first LNG shipment because they saw potential in the country.
The business meeting also saw the launch of the joint committee of the PNG-Japan Investment Promotion Protection Agreement, a bilateral agreement meant to further enhance the existing good relations, particularly in the areas of investment, trade and business.
Both co-chairs stated that though the current focus is on the LNG exports, other sectors that show potential for investment include agriculture, manufacturing, tourism and the innovative sectors.
Major Japanese investors in PNG are represented by Nippon Oil Exploration, a partner in the PNG LNG project, Chiyoda Corporation and Mitsuio Osk Line, to name a few.
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