Papua New Guinea's Push for Technological and Financial Strength in International Trade

By: PNG Business News October 02, 2023

Minister for Commerce and Industry Hon. Henry Amuli presenting a PNG bilum to the Chairman of IBMC International, H.E Sheikh Khalid bin Ahmed Al Hamed during their one on one meeting in Abu Dhabi, UAE.

The Minister for Commerce and Industry, Hon. Henry Amuli MP, has told an international audience that Papua New Guinean businesses, including Small and Medium Size Enterprises require technological and financial strength to meaningfully participate in trade and investment, including in service industries like tourism.

The Minister was speaking at the launching of the Industries Integrated International Trade Flow System in Abu Dhabi, the United Arab Emirates.

He said that the platform does not only provide the opportunity for  corporate businesses to grow but it also has the potential to facilitate the growth and expansion of the Small and Medium Enterprises (SMEs).

"As one of the founding members of the platform, it is my hope and expectation that it will bring forth innovative, inclusive and sustainable mechanisms that will empower Papua New Guinean SMEs to participate meaningfully and productively in the global market, " Minister Amuli said.

The platform is an initiative of the Dubai based Investment Company, International Business Management Council (IBMC).

IBMC partnered with the PNG Expo2020 pavilion in the promotion and facilitation of the country's trade and investment potentials.

Through this partnership 22 Letters of Intent (LOIs) were signed with potential investors. The Investment Promotion Authority is the lead agency in the implementation of the Post Expo2020 trade and investment strategy.

"Today's occasion marks an important legacy of our participation in one of the World's most dynamic and inclusive World Expositions,"  he said.

He said SMEs in Papua New Guinea lack the appropriate requirements to meaningfully integrate into the international economy. These includes market access, quality assurance, mobility infrastructure and finance.

"It is my hope and expectation that the Industries Integrated International Trade Flow System would provide solutions to these challenges, " Minister Amuli said.

The three main objectives of the platform is to provide support to partipants in the areas of market access, compliance with best international practices, finance and quality assurance.

Minister Amuli said while quality control, compliance to international standards, best practices, finance and quality assurance would be addressed by the platform, the challenge for the Ministry of Commerce and Industry and Papua New Guinea is mobility infrastructure like efficient transport means, competitive import and export facilities and processes, including taxation and customs.

The Minister's delegation on the Post Expo2020 investment mission, includes the Minister for Culture, Arts and Tourism, Hon Isi Henry Leonard, Member for Goilala and Assistant Speaker of Parliament, Hon. Casmiro Aia, Managing Director of the Investment Promotion Authority Mr. Clarence Hoot and former Ambassador to the Kingdom of Belgium and the European Union and Expo2020 Commissioner General,  Amb. Joshua Kalinoe.

The Minister was invited by the Chairman of IBMC, International HE Sheikh Khalid bin Ahmed Al Hamed. Apart from launching the Industries Integrated International Trade Flow, Minister Amuli met with the Sheikh Khalid bin Ahmed Al Hamed and the Chairman of the stateowned companies, Dubai Multi Commodities Corporation (DMCC), HE Ahmed Bin Sulayem.

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