Indian investors focused on PNG in region

Caption:  Asif Iqbal

By MATTHEW VARI

Sunday, February 21, 2016 (Sunday Chronicle, PNG)

THAT is the current aim for Indian investors into the Pacific region following a visit by a delegation from the Confederation of Indian Industry this week.

With India being the 7th largest economy in the world, the 11 member delegations included Executive Director of Indo Pacific Islands Chamber of Commerce Asif Iqbal who spoke of the huge potential the country has as an investment destination.

“The Indo Pacific Islands Chamber of Commerce covering 14 countries in the Pacific islands, and now we are in the mission of PNG where we have many small and medium enterprises who would want to invest here and we are now exploring different sectors that are here,” Mr Iqbal said.

“We are looking and trying to get them here to come and establish their businesses that can serve certain sectors in PNG. We have got people from Government, medicine exporters, some people from fast moving consumer goods.”

“We have heard that there is a very good scope for consumer goods here which are inexpensive and that can be exported from India to here.”

With India now becoming a global economic power, through aggressive policy such as ‘Make in India launched’ in 2014 and initiated in 2015 to become the top destination globally for foreign direct investment, surpassing China as well as the United States.

“Because with the new Prime Minister that we have has been very proactive approach and is looking at promoting India’s relations with the Pacific Islands and we also have a new High Commissioner of India in PNG who is promoting India in a very aggressive way and things are starting to move in a very positive direction is the type he has taken on in the last three months.”

“That is a very good move for India and the result is for us to be given the support to come to PNG and come and explore.”

“Well after this our delegation is going to Fiji. These are the two countries we are focusing on but PNG is more on the scope for us and we see that Fiji and PNG both complement each other as far as pacific business is concerned.”

He added that with Singapore being the nearest business hub of the country with much Indian interest PNG could be the next logical choice in the region.

“Singapore is where a lot of Indians are and is a place where Indian languages are official and we have a lot of presence there, and Singapore not being very far from PNG gives it a good test for Indian companies to come and move into PNG and operate from here.”

“We aim from this visit to explore possibilities, identify new partners. We have also identified Indians who have been here for the last 30 to 40 years and are doing a lot of positive development for those in the country.”

“We have met with them and are getting their advice and to associate us with their experience of the country,” he said.