PNG-UAE Commodity Trade Potentials Boosted

by PNG Business News - March 09, 2022

Photo: Ambassador Kalinoe discussing trade and investment opportunities with one of United Arab Emirates' leading Royal family member Sheikh Khalid Bin Ahmed Al Hamed (left) at his Palace in Abu Dhabi on Monday, 7 March. The Sheikh is the owner and Chairman of the Khalid Bin Ahmed Al Hamed (KAHG) Group.

Potential for PNG-UAE commodity trade, including in mineral products will soon be boosted with the involvement of UAE state-owned companies and other private investors closely connected to the country's Royal families.

This is possible through the aggressive implementation of the target-based investment, trade and market access strategic framework by the PNG Expo2020 Pavilion in Dubai. The framework was approved by the Marape Cabinet as part of the Government's policy to increase trade and investment with the focus on using the international economy to facilitate domestic economic growth.

The PNG team in Dubai has made important investment and trade connections with both private and public sector business organisations, including the state-owned commodity trade facilitating agency, the Dubai Mutli-Commodities Centre (DMCC).

A Letter of Intent (LOI) has been exchanged between PNG and DMCC for trade in commodities, including in agriculture and mineral products.

Commissioner General for Expo2020 and Papua New Guinea's Ambassador to Belgium and the European Union, HE Joshua Kalinoe said with K3m investment by the Government in the PNG Pavilion programme in Dubai, the country is to immediately bring in millions of Kina and in the medium-to-long term billions of Kina from the trade and investment connections that are being made.

" We have recently announced a carbon trade partnership between a PNG timber concession permit company and an international environment conservation company that will result in sustainable millions of revenue flow annually for both the Government and the landowners for many years to come.

"We expect to soon announce major partnerships in commodity trade, including in mineral products", Ambassador Kalinoe said.

He said the Pavilion Operations will come to an end on 31 March with the closure of Expo2020 and the Minister for Foreign Affairs & International Trade, Hon Soroi Eoe, is expected to officiate at the closing ceremony.

The Minister will also address the Pavilion's last business forum under the Expo2020 programme on 29 March. The forum will be organised in partnership with a Dubai-based investment company, IBMC, and is aimed at bringing the PNG-UAE businesses and Governments together.

"I am hoping that one or two important partnership arrangements will be announced, at this final business forum," Ambassador Kalinoe said.


Article courtesy of PNG Expo

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