China, Number 1 Foreign Direct Investor In PNG
China currently sits at the number 1 spot for Foreign Direct Investment (FDI) in Papua New Guinea.
The statistics on the investments from the Peoples Republic of China has surpassed PNG’s traditional major FDI investor Australia, who has been relegated to the number 2.
Investment Promotion Authority managing director Clarence Hoot revealed this on Tuesday during the Startup PNG 2019 convention held at APEC Haus in Port Moresby.
“Data taken from the Foreign Enterprise Certification Process, whereby, approval is given to foreign investors on where they go to and the locations and where they come from,” he said.
“At the moment China is now the lead investor in PNG, followed closely by Australia, Malaysia, Philippines, and Singapore.”
Figures revealed from 2018 see China up over Australian FDI at close to K2.5 billion, and Australia sitting in at under a K1 billion in FDI.
“About three to four years ago Australia used to be the number 1 investor in PNG for a long time.”
He outlined the investment sectors the Chinese have ventured into. “As of August 2019, according to the statistics, majority of investment is going into real estate, followed closely by the construction sector, the financial sector, and the wholesale and retail,” he said.
The foreign enterprise certification process is the process that approves foreign investors into the country and approves the activities they go into and what locations they should be operating in. In total the number of foreign enterprises registered in the country currently stands at 9,859.
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