APEC host PNG eyes the main chance

Port Morseby: Papua New Guinea’s Government is anticipating a wonderful opportunity on the near horizon, but the jury is out on whether holding an APEC summit will help the country.

PNG is preparing to host the annual Asia-Pacific Economic Cooperation leaders summit in November.

Leaders of the world’s biggest economies are to converge on PNG’s capital Port Moresby to discuss trade and investment, and other stuff that the powerful talk about together. APEC is billed by PNG’s government as the ultimate chance to unlock the resource-rich country’s economic potential.

Despite a struggling economy and large debt levels, the government has borrowed significantly to develop infrastructure projects in the city, such as road construction, in time for APEC.

“We need investments, we need partnerships, we need capital to develop our country, and so APEC is going to represent a wonderful marketing opportunity for Papua New Guinea,” PNG’s Treasurer Charles Abel said.

PNG’s immense wealth in natural resources and its unique culture would be showcased, he said, like never before.

“So APEC presents an opportunity. Bring all the CEOs here, bring the global leaders, bring the world’s spotlight here.

“And we’re saying that within this Asia Pacific region, which is going to be the major growth driver in the world over the next few years, Papua New Guinea is well placed,” Mr Abel explained.