Private sector urged to invest

THE private sector has been encouraged to consider investing in agriculture and manufacturing sectors to take advantage of the opportunities provided by the PNG liquefied natural gas (LNG) project which is essential for broad-based employment and income-earning opportunities.But the government must fully play its part by ensuring that roads, airstrips, ports, education and training utilities are operational and other investment conditions in place including a level playing field for competition, addressing law and order and corruption issues which hinder progress, according to the Business Council of PNG (BCPNG).“A stable exchange rate and low interest rates are needed for continued investment and a well managed and transparent sovereign wealth fund would be needed to restrain inflation and excessive currency appreciation, thus enabling other key industries such as agriculture, tourism and manufacturing to become viable once LNG revenue starts flowing,” Gerea Aopi, vice-president for BCPNG said.This was part of his closing remarks at the closing of the 26th Australia PNG business forum and trade expo in Townville, Australia this week.Aopi said the funding for the LNG project was secured in a tough financial market, and signalled the market and investor confidence in the project partners, led by ExxonMobil.“It also is a vote of confidence in PNG as an investment destination.