Japanese investments, businesses in PNG growing

Japanese investments and imports of Papua New Guinean petroleum, mineral and renewable resources will increase in years to come.
According to Japan’s Ambassador to PNG Satoshi Nakajima, the interest in PNG imports and investment by Japanese companies will grow as the country continues to advance its economy and resource base.

Mr Nakajima pointed out the sale of liquefied natural gas as the largest import from Papua New Guinea so far, with Japan accounting for the purchase of 4.5 million metric tons produced in the country.
“First of, we are importing natural gas from PNG LNG through ExxonMobil, 9 million metric tons of LNG we import half of it.
“The next LNG will start in 2019, and maybe later when it is online we will purchase gas from it as well,” he said.

The Ambassador also pointed out businesses activities in other sectors of the economy from motoring, machinery, to fisheries – all a part of imports and exports to and from the Asian country.
“In East New Britain we have Open Bay Timbers company investment operated by a Japanese foresting timer company that operates as a sustainable forest company,” he said.
“We have importers who have shown increased interest in importing cocoa from PNG.
“PNG is growing and the growth rate is rapidly increasing and the size of your economy is also large. When we talk about the Pacific region, Papua New Guinea accounts for more than half of that, so it is quite important.

“Japan of course does not have natural resources, so we have to have good relations with this country,” he said.
With the opportunity for APEC, set for the major meet in November, Mr Nakajima said preparations so far have been impressive in promoting the major economic meet that countries like Japan are interested to be a part of the outcome.
“I think the Papua New Guinea Government is very efficient in promoting the APEC meeting by constructing many facilities, especially this year when the focus of the world will be on this country.
“The APEC meeting, we very much like to see what Papua New Guinea can do to showcase its potential,” Mr Nakajima said.