PAPUA New Guinea has been urged to work on growing stronger economic ties with China.
Think Global Consulting chief executive David Thomas said by 2027 China will overtake US to be the largest global economy in the world.
“No wonder leaders around the world are keen to make friends with China.”
He told PNG Business Advantage Summit in Port Moresby this week that PNG should take note of what was driving foreign investments from China.
“It’s worth thinking for a moment of what’s driving foreign investment from China, because we all can benefit from that region. China is where the money is and they have now a going out strategy which is all about investing overseas.
He said China was among the growing economies in the world.
Thomas said one area where PNG could learn from and draw investment from China was the agriculture and food safety sector.
“Seventy-three per cent (from information collected in China) said local food in Shanghai is either unsafe or very unsafe. So getting access to sustainable supplies of clean food is a key driver for China right now. Investment in that sector is coming very, very quickly. Everybody, including PNG, needs to think about how they can get access to that. It’s a huge opportunity. Definitely, the food and agriculture is a big one for the future.
“China has a lot of influence globally now and we all need to get involved in attracting foreign investment from China, because it’s a long, long way for that to go.”
He said countries that make friends and build relationships with China will prosper and grow well when China grows to become the world’s economic power.
Meanwhile he said Australia was an example of a country that has done very well in attracting foreign investment from China especially in the mining resource sector.