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Thursday, September 4, 2014

M’sia tops investment

Source: The National, Thursday September 4th, 2014 Foreign direct investment by Malaysian companies in Papua New Guinea is said to be one of the biggest compared to investments from other countries. Last year, its total trade in PNG amounted to US$651.7 million (K1.58 billion). The country is rich with agriculture and natural resources products and Malaysia sourced mainly these products from PNG. Information from the Investment Promotion Authority shows investments by Malaysian firms are in all three sectors of the economy. In the primary sector, 69 companies are involved in forestry, 15 in agriculture, six in mining and petroleum and one in fisheries. In the secondary sector, 16 are in business management and consultancy services, 10 in the manufacturing industry. In tertiary sector, 51 are in wholesale and retail businesses, 44 in real estate, 29 in construction work, 12 in transport services and 11 in financing services. According to the Malaysian diplomatic office, its investment in PNG is among the highest in terms of value. Last year, proposed investment recorded at K6.3 billion mainly concentrated in wholesale and retail, financial intermediation, forestry, manufacturing and agriculture. The IPA has certified a total of 650 Malaysian enterprises to conduct business since 1999 with estimated 40,000 jobs created for local at various levels.
Rimbunan Hijau a major investor in Papua New Guinea in logging and other diversified businesses.

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