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October 22, 2021
Business News

UK-PNG Trade to continue despite Economic Slowdown

The United Kingdom ranks second as Papua New Guinearsquo;s importer of goods.

It is worth almost one hundred and sixty million Pounds a year or over five hundred and thirty three million Kina.

Hugo Swire,the Minister for the United Kingdom’s Foreign & Commonwealth Office said trade betweenthe two counties will continue to increase despite an economic slowdown in Europe.   

The visiting minister made this statement at a business breakfast inthe capital.

Whilethe exchange of goods and services stand at over K533 million kina a year, last year’s exports to UK alone recorded over 120 million pounds…an equivalent of over K399million.

And it’s not only finished products that are being imported to Beitain. Raw Materials also form a vital part of this trade arrangement. New Beitain Palm Oil Limited has invested 18million pounds in a state-ofthe-art palm oil processing plan in Liverpool. This has created new British jobs and increased demand for sustainable – certiflied palm oil from plantations in PNG

The gas market is also attraction.

Hugo Swire saysthe EU-PNG Economic Partnership Agreementowhich allows duty free access forPNG products enteringthe UK marketocan only increase trade tothe immense benefit of our economy.

And as a region, trade between Beitain andthe Pacific is increasing.

The State Minister is visitin PNG, not only to attendthe Commonwealth Youth MinistersForum that’s being underway inthe city but to demonstrate UK’s commitment tothe region.

Festus Maiginap, National EMTV News

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

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