25 C
Port Moresby
May 26, 2020
Business News

PNG Aims to Maintain its Progressive Economic Growth Levels


by Delly Waigeno  – EM TV News, Port Moresby

Prime Minister, Peter O’Neill, told the APEC CEO Summit in the Philippines that Papua New Guinea aims to maintain its progressive economic growth levels of the past 14 years.

He said the slowdown in the global economy has also affected PNG because of the country’s dependence on major buyers of its mineral and petroleum exports.

O’Neill said PNG has now realigned its focus to growing other sectors of the economy such as agriculture and tourism.

One of the sessions during the APEC Leaders Week focused on  Asia Pacific Growth. Prime Minister O’Neill was part of an open forum discussion on “The Future of Asia Pacific Growth.”

He talked about the different opportunities of development in the PNG economy.

Philippines President, Benigno Aquino, shared the growth story of the Philippines and how it can be applied to regional growth.

He described how the Philippines’ growth strategy hinges on empowerment for people to participate in the growing economy.

“We can do this on a regional scale; I believe if we work with each other’s economies, and if we harness the strengths of all our peoples, we can give rise not only to inclusive economies, but to an Asia-Pacific where our citizens truly know what we talk about when we say growth,” President Aquino said.

According to the APEC Policy Support Unit, Asia-Pacific economies continue to grow, but at a moderated pace.

This is now prompting next generation trade and growth boosting measures that target the region’s emerging middle class consumers.

In the Joint Ministerial Statement, the APEC leaders are committed to support the Regional Economic Integration Agenda; foster micro, small and medium enterprises participation in regional and global markets; and invest in human capital development.

https://youtube.com/watch?v=Eprj2eAWDd4%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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