According to Mr. Yakam, the EU is a crucial trade and investment partner for PNG, as evidenced by the signing of the interim economic partnership agreement in 2012, which has proven effective, particularly in the fisheries sector. However, he emphasized the need for further efforts in developing other sectors like agriculture, which holds significant untapped potential.
Discussions were already underway through the EPA Trade Committee to deepen the partnership, specifically aiming to cover sectors like services. Yet, Mr. Yakam pointed out that challenges persist in expanding current trade beyond fisheries. He called for attention to the 31 other products on the priority list, stressing the importance of not only focusing on fisheries but also on diversification.
PNG's commitment to attracting investors was highlighted by Mr. Yakam, who stressed the importance of creating a business-friendly environment. He emphasized the need to make the country and the Pacific region attractive to not only EU investors but also investors from other countries.
The Chief Trade Officer regarded the business conference as a vital platform for direct dialogue between the public and private sectors, providing opportunities for exploring business prospects stemming from their longstanding relations.
Mr. Yakam suggested conducting a review or assessment of the conference's impact on the PNG economy and the Pacific after the 4th conference. Such an evaluation would aid in designing future conferences effectively, ensuring meaningful outcomes and tangible impacts.
Lastly, Mr. Yakam congratulated the PNG/EU Business Council on launching their website, acknowledging its significance in disseminating essential information to the business community about opportunities in PNG and the Pacific.
The National Trade Office looks forward to collaborating closely with partners to successfully deliver the 4th EU-PNG Business, Trade, and Investment Conference.
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