Papua New Guinea (PNG) is looking to deepen its long-standing partnership with the European Union (EU) through increased trade, investment and business collaboration, says Deputy Secretary for the Department of National Planning and Monitoring, Michael Kumung.
Speaking ahead of the 5th EU–PNG Business Forum, which will take place in Port Moresby on June 2nd and 3rd, Mr. Kumung said the European Union has been a key development partner for Papua New Guinea since Independence and continues to play an important role in the country's economic growth.
"I think today this conference expresses and reveals how important the EU is to PNG," he said.
Mr. Kumung acknowledged the European Union's decades of support, noting that this year marks Papua New Guinea's 50th year of Independence and nearly five decades of development cooperation between the two partners.
He said the EU's investment portfolio in Papua New Guinea has expanded over the years, supporting a wide range of sectors and contributing significantly to the country's development agenda.
As the agency responsible for coordinating national development, Mr. Kumung said the Department of National Planning and Monitoring remains focused on achieving the country's Vision 2050 goals of becoming a happy, wealthy, united and prosperous nation.
"We acknowledge our partners' contribution. We can't do many things without the support we receive from our partners, and the EU is one of those traditional partners that has been supporting us," he said.
Mr. Kumung highlighted the EU-funded trade programme as one of the largest investments made by the bloc in Papua New Guinea and the Pacific region. He said the programme is already delivering positive outcomes at the community level, particularly in strengthening value chains and supporting economic opportunities in sectors such as fisheries.
He said recent visits to project sites have demonstrated the impact of EU-supported initiatives in helping communities improve livelihoods and participate more effectively in economic activities.
According to Mr. Kumung, the upcoming business forum represents an important opportunity to further strengthen EU engagement in Papua New Guinea, particularly in sectors that can drive sustainable economic growth.
The forum is expected to focus on areas including value chain development, infrastructure, energy, sustainable development and the extractive industries, where there is growing interest from European businesses.
"We know this forum that will be happening next week is a big step towards increasing EU engagement in our country," he said.
Mr. Kumung said the Government has already taken steps at the leadership level to strengthen international partnerships and create an enabling environment for investment through supportive policies and business-friendly reforms.
He noted that Papua New Guinea's economy remains largely agriculture-based and that adding value to agricultural products presents significant opportunities for economic growth and job creation.
He also welcomed reports that a large number of European businesses are expected to attend the forum, describing it as a positive sign of growing investor confidence in Papua New Guinea.
"PNG is a place to invest," he said.
Mr. Kumung pointed to opportunities in fisheries, agriculture, forestry, climate-related industries, environmental services and the extractive sector, saying the country offers considerable potential for investors seeking opportunities in the Pacific region.
He also highlighted Papua New Guinea's youthful population as a major asset, noting that around 60 per cent of the population is made up of young people eager to participate in the workforce.
Mr. Kumung said stronger partnerships and increased investment would create employment opportunities for young Papua New Guineans while helping drive economic development across the country.
He added that now is the right time for Papua New Guinea to strengthen relationships with serious business partners and investors committed to supporting sustainable and inclusive growth.
