He has confirmed that the 2018 APEC Leaders’ Summit will go ahead. This Papua New Guinea economic update was produced by Oxford Business Group. Share . “It’s an event that is setting the stage for our country and the Pacific region to see the many changes and good things happening in the years to come.”, International rivalry leads to investment. Host nation Papua New Guinea has benefitted from the superpower rivalry that dominated this year’s APEC summit, accumulating a series of economic benefits associated with holding the 21-member bloc’s rotating chair for 2018. During each APEC meetings leading up to the main summit, developed economies have parted their experiences on economic growth to developing economies on the best policies and approach to take for better development and benefits right into the rural areas. Hosting APEC is an opportunity for PNG to showcase its credentials as a vibrant, and stable investment destination. Leading Asia-Pacific Economic Cooperation (APEC) experts say Papua New Guinea stands to benefit from being in the global spotlight when it hosts the APEC forum in 2018, including an anticipated boost to investment, tourism and trade. However, Powes Parkop, the governor of PNG's National Capital District, said hosting APEC was a positive move for the country. First, is that benefits outweigh the cost in the long run. We are proud to support the Government through Platinum Sponsorship of this Summit. I have served during a fascinating period of Papua New Guinea’s history. ‘The direct benefits for business in PNG are that, from what we spend on and for hosting APEC, most will go to the private sector because the government is not in the business of delivering the items that we need,’ PNG APEC Authority Interim Chief Executive Officer Christopher Hawkins told the 2015 Papua New Guinea Advantage Investment Summit last month. PNG will host this 47th SMEWG Meeting after the 46th Brunei. Construction is expected to begin next year and be completed by 2024. Share It. “PNG is getting the attention and the support it never used to get before, and all this is happening because of APEC,” Justin Tkatchenko, the minister for APEC, told a press conference on November 20. Copyright © 2021, Post Courier Online. We have argued over the costs and benefits of this event, especially the opportunity cost to improving basic government services and infrastructures in the rural and provincial centres. It was the first time Papua New Guinea hosted the APEC meetings. There are many other economies that have benefitted greatly from hosting APEC as it also opens the door for local entrepreneurs to market their products to the outside world. However, the real and desired benefit is envisioned to be in the medium to long term and is a process which will involve policy and institutional reforms to create a more conducive environment for business and investment to thrive. Because we had committed APEC PNG 2018 into His hands years earlier, and on Sunday, 25 November, 2018, we gave thanks and celebrated its successful completion with a “Thanks giving Service” at the Poreporena Lahara United Church, atop Metoreia Hill, in Hanuabada village. There is shortage of drugs in all hospitals and clinics from major towns and cities … The underlying reason in forming APEC initially is to reflect growing economic independence of the 21 APEC economies in the region, which has become a crucial regional forum to discuss trade and investment policies. Transparency in doing business cleanly and accountability in being honest in acquitting... She said her plans for the future is to run her own SME and her advice to young women and men is to always have a passion for what you do. APEC aims to strengthen regional economic integration by removing impediments to trade and investment “at the border”, enhancing supply chain connectivity "across the border" and improving the business environment "behind the border." Papua New Guinea’s APEC host year will consist of a range of meetings, culminating in the APEC Leaders’ Week from 12-18 November 2018 in Port Moresby.
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