The Chairman of a prominent Australian bank says Papua New Guinea has an unprecedented opportunity to benefit from closer trade and investment ties with the region including China and India, reports the Post Courier.
ANZ Group Chairman John Morschel says of PNG’s LNG project and other developments, “This is not a short-term boom but an opportunity which has the potential to last for decades and will transform Papua New Guinea’s economy and the standard of living of its people.”
Trade between the Pacific and Asia is expanding rapidly. Exports from the Pacific to China are on track to reach a record of US$1.2 billion (K2.7 billion) in 2011– more than eight times the value of exports to China in 2001. Imports from China into the region are also strong and passed USD$1 billion for the first time in 2010.