Governor,
Chairman of the Port Moresby Chamber of Commerce and Industry,
Ladies and Gentlemen of the Private Sector,
Thank you for organizing this event which brings together the private sectors of Papua New Guinea and of Thailand. As a former business person myself, I know how important it is for the private sector to meet and develop contacts.
I have been to Papua New Guinea before -- do you believe it? So I am aware of the great potential of this country which is enjoying 9 percent growth. You are our largest trading partner among the Pacific Island countries, with 30 percent growth in bilateral trade last year. You are also our natural gateway to the Pacific Island economies because of your location and policy to engage with Southeast Asia. We must work together to increase the 400 million US dollars in trade and investment between us. Because 400 million is too small for us.
I am here in Port Moresby to strengthen the partnership between Papua New Guinea and Thailand and promote business links between our private sectors. Thailand supports overseas direct investment and exports of Thai companies and promotes foreign direct investment in our economy, giving special importance to the role of the private sector. That is why I have brought along with me representatives from leading Thai companies in key sectors such as food, energy, construction, education and tourism sectors.
Earlier today, Prime Minister Peter O’Neill stated that he shares my goal of strengthening our partnership, especially in the area of trade and investment. So our two sides will work hard to conclude the Investment Promotion and Protection Agreement, the Agreement on Avoidance of Double Taxation and other agreements including in the fisheries sector. But ultimately, it will be up to the private sector to close business deals.
Because of Papua New Guinea’s growth potential and the growing connectivity between this country and Southeast Asia, Thai companies are prepared to expand two-way trade and investment with Papua New Guinea.
For example, Thai construction firms have great expertise in Thailand and the region. Greater demand created by 66 billion US dollars of investment in transport infrastructure development and 12 billion US dollars in water resources management in our own country makes the future bright for Thai construction firms. Their expertise and experience will be useful for infrastructure development here in Papua New Guinea where Thai construction firms are looking for local partners.
Also, Thailand is one of the leader in agro-business and fishery industries, we have a strategy promote Thai food further through “Kitchen to the World” initiative. They are also looking for local partners to expand the market in Papua New Guinea and in the wider Pacific Islands market. With their expertise in value added industries combined with Papua New Guinea’s rich natural resources and market knowledge, this country could become a more significant part of the regional supply chain.
As for tourism, Thai companies are ready to bring their knowhow and work with local firms to brand and market the tourism industry of Papua New Guinea, whether in eco-tourism or other areas. And with Thailand attaching great importance to energy security, we support successful cooperation and investment in the energy sector here in this country.
We also welcome investment of Papua New Guinea in Thailand which is becoming the logistics hub of the ASEAN Community. And in support of all these business activities, Thailand will continue its technical cooperation with Papua New Guinea to develop local capacities and human resources to support your growing economy.
In conclusion, the Thai Government will remain a strong partner of the Thai private sector in building a closer economic partnership with Papua New Guinea. I hope that the conclusion MoU between our two Chambers of Commerce will be the first of many steps to strengthen business links between the private sectors of the two countries.
Thank you for your attention.
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