PNG needs to fight for capital like everyone else: BSP Capital

Caption:  BSP Capital MD Richard Baryslewicz.

By MATTHEW VARI

Sunday, November 15, 2015 (Sunday Chronicle, PNG)

BSP Capital Limited General Manager, Richard Baryslewicz made the remarks when referring to investment opportunities in the country amidst a predicted fall in growth rate for 2016 and the next few years.

He said that despite the upheavals of the commodity markets- more emphasis should be placed on the bigger picture, which he said would take more efforts on the part of country to make its case to bring in more foreign investment.

As head of BSP Capital, a member of the BSP Executive Committee, and a director in the Port Moresby Stock Exchange, Mr Baryslewicz said the country possessed all the ingredients investors look for.

“The backdrop to PNG is a very good one. It has the rule of law, it is a functioning democracy, and there has never been a default,” he said.

“I think those key elements are sometimes assumed but never focused on relative to other emerging markets around the world.”

“How hard is it to attract investors? There is a lot of interest by investors- it is project by project, very specific rather than broad-based easy, it’s moderate, or it is hard.”

“PNG needs to fight for capital just like everyone else in the world does.”

There is always 20 projects on the table and enough money for two or three. How do you participate in being the two or three? A lot of key elements win those projects need to have the big ticks next to them. First you need to tell the PNG story over and over again.

He said the messages need to be said over and over again about the PNG Story. Sentiments that were echoed by Treasury Secretary Dairi Vele when referring to plans government to secure US$1 billion worth of sovereign bond capital for the country in a bid to diversify revenue streams and the uncertainty that surrounds the success of the such a capital seeking endeavor.

In addition Baryslewicz pointed out the need for a longer term view by investors and not a shorter one to position PNG as a participant and the success of the future.

“If I was a Papua New Guinean or an offshore investor I’d be nothing other than excited about the potential of the future. It is how we get there that makes it all interesting, how we get there acquires everyone to roll up their sleeves and work very very hard.”

“It won’t happen by itself but through hard work, through communication and very detailed and concise planning. I am here for that reason and we also believe in the future.”