GG singles out business and human resource investment

Caption:  Governor General Ogio sharing a word with President Mukherjee.

By MATTHEW VARI

Sunday, May 1, 2016 (Sunday Chronicle, PNG)

BUSINESS Investment and human resource up-skilling were the order of the day in the welcome state dinner hosted for the President of India Shri Pranab Mukherjee.

With India being the 7th largest economy in the world, Governor General Sir Michael Ogio said that with trade gaining momentum between both countries, opportunities of resource investment are large.

“Papua New Guinea can assist with India’s demand for energy security needs and with India’s prowess in science and technology, this can be mutually beneficial through joint ventures.”

“There is scope in the service sector, banking and finance, telecommunications, tourism and hospitality which offers tremendous opportunities in all sectors of the economy and would welcome more investors from India.”

“Papua New Guinea is confident that the discussions on Trade and Economic Cooperation, in particular, Investment Promotion and Protection Agreement and the Double Taxation Agreement will provide the legal framework and impetus to strengthen trade and investment relations between our two countries,” Ogio said.

He said recent years have seen an increase in the number of spaces allotted to Papua New Guinea citizens from 10 to over 30 students per annum studying in India.

“Currently over 500 Papua New Guineans have become beneficiaries of this ITEC (Indian Technical and Economic Cooperation) programs.”

“We look forward to India’s continued assistance towards our human resource development and capacity building of our citizens. We have much to learn from India.”

“Your government’s offer to set up the Centers of Excellence on Information Technology and Pharmaceutical Plants and health projects in Papua New Guinea and in other pacific Island Countries will enhance Pan Pacific Projects for the Pacific Island Countries, given the vast distance between our island communities, as well as address the connectivity that exists in the pacific region,” the governor general said.

President Shri Pranab Mukherjee said both countries are bound by the common experience of colonial rule that had them on individual charted paths to achieve economic progress, adding that India’s lessons of economic self-sufficiency was something his country is willing to share with the country.

“India has come a long way- from being a food importing nation in the 1970s, to self-reliance in the production of grains and now a net exporter,” President Mukherjee said.

“We have achieved this by developing high yielding varieties of seeds and improved methods and techniques of agriculture, diary, and poultry farming.”

“Whether it is complex software and high precision equipment for our space and nuclear power industry, or technology for harnessing renewable energy from the sun and wind, we have, today, developed advanced capabilities.”

“These are cost effective, yet second to none in their efficacy- as our missions to the Moon and Mars have proven. India would be happy to share experience and knowledge with the people of Papua New Guinea.”

He revealed keen interest being shown by both the private and public sector in India of the many opportunities seen in the country both in minerals, petroleum and the agricultural sector.

“You are blessed with fertile soil, lands rich in natural resources, and abundant marine wealth,” he said.

“Our public and private sector are keen to join you in exploring your gas and oil reserves, establishing downstream industries, and developing the infrastructure that you require in the different sectors of your growing economy.”

“We have much to offer.”

Mukherjee added that with the center of global economy now gravitating to the Asia-Pacific region- it creates a compelling reason to invest in the infinite opportunities that must be seized.