After noticing the massive increase in trade between Korea and PNG, Prime Minister James Marape says there is even more room for growth.
He made this statement after a Korean high-level delegation team led by Park Byeong-seug, who presented the Korean President H.E. Yoon Suk Yeol, revealed that Trade volumes between Republic of Korea and Papua New Guinea increased by 240 percent between 2021 and 2022, which is worth a massive K6.33 billion. The Korean Delegation Team met with the PNG PM at the Sir Manasupe Haus in Port Moresby yesterday (21/03/23).
Prime Minister James Marape says the country has energy sources and raw materials.
“My Government is pushing for downstream processing and we invite companies in relevant industries in your country to come into our Special Economic Zones (SEZs).”
“Our GDP (gross domestic product) is well-placed to expand rapidly in the next 10 to 15 years, based on the resources we have, so we are inviting companies from friends of PNG – including Korea – to come and do business here.”
PM Marape also said there were several outstanding bilateral issues between Korea and PNG over many years which needed to be resolved.
PMJM during yesterday’s meet with the Korean delegation, has been invited by the Korean President to attend the first Korea-Pacific Islands Summit in Seoul in May 2023, to discuss issues of climate change as well as furthering bilateral relations.