At the Apec Investment, Mart 2003, which ends today emerging Apec economies Brunei, Chile, Mexico, Peru and Russia, and Papua New Guinea, are trying to woo foreign investment.
Located just north of Australia, Papua New Guinea calls itself a “new emerging paradise†for investors. It is seeking investors to bring in capital and technology to its tuna-fishing and prawn farming-industries. The country is seeking investment to expand the value of the industry from its current $70 million a year.
A country rich in natural resources, it offers incentives to attract investment in a diverse range of industries, including forestry, fishery, petroleum, mining and agriculture.
“What we need is skill, technology and capital to develop and turn our natural resources into products for export to other countries,†says Simon S Peter, the executive manager of investment promotion at the country’s Investment and Export Promotion Division.
It also needs investors to explore for oil and gas in five main areas of the country and wants to start a mining industry to extract natural resources for export. The country is offering competitive tax incentives such as a 25-per-cent exemption on export taxes and import duties.