Malaysia Appreciates Growth in Trade with Papua New Guinea

According to High Commissioner to Papua New Guinea Jilid Kuminding, Malaysia is pleased with the growth of trade with PNG.

He said that, Malaysia’s total trade with PNG during the period January to November escalated by 15.6 percent scrutinize to previous year. It was worth RM1.74 billion (K1.16 billion) – an increase of RM835.79 million (K557.8million).

He also said that, from 2010 to 2014, Malaysia’s total trade with PNG immovably increased from RM1.12 billion (K0.74billion) to RM1.7 billion (K1.13billion) – recounting an overall appreciation of 51 per cent in those five years.

Kuminding said PNG was Malaysia’s third largest trading partner in Oceania. Globally, PNG is Malaysia’s 51st largest trading partners over the same period. Malaysia’s exports to PNG were valued at RM1.29 billion (K0.86billion), increasing by 3.7 per cent (RM45.38 million) (K30.3million) from the corresponding period in 2014. 

He added the preeminent reason for export growth during that period was machinery, appliances and parts, beverages and tobacco, and petroleum products.

 “The overall relation is very good,” Kuminding said. “PNG is one of the most important destinations for export in terms of investment in the Pacific. I’m very happy that the growth of our trade, be it our export to PNG as well as Papua New Guinea’s export to Malaysia was very, very positive, especially last year.” He also added.

“Unbelievable. And I’m very happy. Trade must be equal partnership. We want to import more from you. We want to buy more from Papua New Guinea because still, it’s not a balance trade. It’s in our favor but we would like to very much have more from PNG. Now it is on the increase and I think that is a very good indicator,” he said.

Kuminding said it was important the trade must continue to grow. 

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Mining Prospects in Papua New Guinea

After a decade of increasing mineral reconnaissance activity, PNG mineral sector appears to have leaked in 2012.

In contrast to the period antecedent to the recent decade has been braced. PNG resource sector has divulged remarkable resilience. In 2002, there was a widespread expectation that much of PNG’s resource sector.

Legislative changes in 2003 that made the mineral sector more tantalizing to investors. First for PNG export of nickel and cobalt commenced in March, 2012 with lateritic nickel venture expected to ramp up to full design capacity of 31,150 tons of contained nickel and 3,300 tons of cobalt in 2016.

PNG has been successful in tantalizing a broad cross section of mineral companies arbitrating a large number of junior companies as well as a group of larger international companies, inclusive of world leaders. This is a healthy situation for the industry as the juniors are often the most bellicose explorers, but it is the larger players that underwrite the joint ventures that provide exploration funds and hereafter a great balance sheet for any possible developments. 

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