Photo credit: Embassy of India, Port Moresby
Inbasekar Sundaramurthi, the Indian High Commissioner, has revealed that the bilateral trade between Papua New Guinea (PNG) and India currently amounts to approximately US$350 million (equivalent to about K1.2 billion). Sundaramurthi further stated that in the previous year, India's exports to PNG reached around US$70 million (approximately K247.8 million), while imports from PNG totaled approximately US$280 million (about K991.8 million).
"PNG's exports to India is four times to one, and the balance of trade is in favor of India," Sundaramurthi highlighted.
He expressed contentment with the existing trade partnership between the two nations and underscored the potential for diversifying bilateral trade beyond commodity supply, emphasizing the importance of downstream processing.
"This means our bilateral trade can diversify into more areas instead of being a commodity supplier but assess downstream processing," Sundaramurthi explained during a press briefing. During the briefing,
Sundaramurthi appealed to Richard Maru, the Minister for International Trade and Investment in PNG, requesting policy announcements that could be shared with Indian investors. He stressed the need to address the specific requirements of Indian investors, such as business safety, security, and investment protection, to create an attractive business environment.
"Indian charity is different, and business is different because they need the safety of business, security, and investment. Such requirements should be put in place to attract investments in India," Sundaramurthi added.
Sundaramurthi expressed his aspirations to facilitate the entry of Indian investors into Papua New Guinea, further strengthening the economic ties between the two nations. By nurturing an environment that meets the needs of Indian investors, the potential for expanded trade and investment between PNG and India can be realized.
"We have been happy to trade with PNG as a country that is in partnership with them. We hope to bring Indian investors to PNG," Sundaramurthi concluded.
