PNG is getting the attention and the support it never used to get before, and all this is happening because of APEC, Justin Tkatchenko, the minister for APEC, told a press conference on November 20. During each APEC meetings leading up to the main summit, developed economies have parted their experiences on economic growth to developing economies on the best policies and approach to take for better development and benefits right into the rural areas. The direct benefits for business in PNG are that, from what we spend on and for hosting APEC, most will go to the private sector because the government is not in the business of delivering the items that we need, PNG APEC Authority Interim Chief Executive Officer Christopher Hawkins told the 2015 Papua New Guinea Advantage Investment Summit last month. In my policy discussions with Papua New Guinean officials in Port Moresby, it Benefits of hosting apec in collection of 21 free cliparts and images with a transparent background. But Justin Tkatchenko said APEC Haus is the only major infrastructure development being built for the summit. Foreign Affairs and Trade Minister Rimbink Pato on the Benefits of Hosting APEC for Papua New Guinea Updated September 26, 2017. amanaimagesRF/amana images/Getty Images. The ongoing construction of APEC facilities is also providing some stimulus to the economy. Australia was pleased to have supported Papua New Guineas hosting of APEC this year through leading international security support, and providing policy guidance to Papua New Guinea. The Port Moresby summit was the first in APECs 29-year history in which a final joint-statement was not released, reflecting the differences between the major players on issues such as trade and investment. Construction is expected to begin next year and be completed by 2024. APEC Papua New Guinea 2018 will soon be upon us. Like many right thinking and concerned PNGeans, I doubt it very much. The total capital of US$39.5 billion compiled for 62.7 percent of total direct investment in Vietnam. Why do I need to boast about the APEC 2018 when; 1. The government allocated some PGK800m ($245.3m) to host the event; however, in 2015 the IMF estimated it would spend as much as PGK3bn ($920m) in APEC-related funds over 2015-18, including spending to upgrade infrastructure such as airports and roads. Why do I need to boast about the APEC 2018 when; 1. The immediate benefits of hosting Apec were to be APEC PNG 2018 is the year-long hosting of Asia-Pacific Economic Cooperation meetings in PNG, which will culminate with the APEC Economic Leaders Meeting in Port Moresby. The Kavieng Members threat to cancel APEC has also backfired because it would mean cancelling the APEC Tourism Ministers meeting, part of which will take place in his district. Investment is vital in improving PNGs economy when potential investors come into the country to invest in multi million kina projects, which supports economic benefits and development in the country. November 18, 2018 Despite critics and the negativity heaped upon the governments decision to host the powerful meeting, PNG proved its worth and capability in delivering a most safe and conducive meeting of the most powerful leaders of the most Another area of discussion is APEC 2018s theme of Harnessing inclusive opportunities and embracing the digital future, and PNGs progress in digital transformation as it seeks to address severe development challenges. "It is hardly surprising then that the hosting of APEC has become controversial in PNG, with accusations of both waste and corruption." Share . This is from APEC Ambassador Ivan Pomaleu, who addressed the foreign heads of missions in Port Moresby yesterday as the government and APEC gave a rundown on its preparations so far. There is shortage of drugs in all hospitals and clinics from major towns and cities Under the title of Harnessing Inclusive Opportunities, Embracing the Digital Future, a series of meetings have taken place throughout 2018 to look at ways to narrow the digital divide in the APEC zone. Although claims by the government of massive benefits in investment and trade from hosting APEC remain to be seen, the event will at least put PNG in the spotlight. a simple cost and benefit analysis (cba) applies will reveal the cost and benefit of apec. The Ministers statement seemed to portray APEC as a defining event in the countrys history. Currently, less than 15 per cent of the population, mainly those in urban areas, have access to a reliable supply of electricity, and this is seen as a major restriction to economic development. https://postcourier.com.pg/wp-content/uploads/2020/11/VID-20201111-WA00081.mp4?_=1, Transparency, accountability stressed cattle farming. APEC year was the largest international event ever hosted by Vietnam, with the focus of the APEC Economic Leaders Week held from Nov 12-19 in Hanoi. In August, under a headline that read APEC is for you PNG, APEC Minister Hon Justin Tkatchenko said the benefits of hosting APEC would last for many years and would strengthen many sectors in the economy. With PNG identifying infrastructure as the single largest hurdle in this field, the fibre-optic rollout, along with supporting submarine cable links to Australia and Solomon Islands a separate $137m ($100.2m) project funded by Australia should help bolster existing connections and bridge digital discrepancies in the region. Papua New Guinea is going to host one of the most-important economic development meetings in the history of this nation. Associated with the electrification programme will be the rollout of fibre-optic cabling to facilitate greater digital penetration across the country. 25th SME Ministers Meeting. It is the only way to prosper in life. Officials confident benefits will outweigh costs. It is better to host APEC because people of Papua New Guinea will better understand the sort of trade,tourism and investment opportunities that are exist here in PNG. During those periods, APEC was Vietnams largest direct investment region, accounting for 65.6% of total investment flow. hosting the APEC meet, and we are not going to do things and hold a summit like the Americans and Russians with billions and billions of dollars we will do things the PNG way and ensure all the boxes are ticked when it comes to APEC requirements from Security to Logistics. added Tketchenko. The goal is to improve the operating environment for business by cutting red tape and other barriers. There are many other economies that have benefitted greatly from hosting APEC as it also opens the door for local entrepreneurs to market their products to the outside world. SME Working Group Meetings are hosted twice in an APEC year. Hosting APEC will have a positive impact on the economy through increase business activities and employment, which in the long run will rise international profile for PNG and promote it as an investment hub for business and tourism destination after conclusion of the APEC Summit in November. Foreign visitors coming to Vietnam from APEC member countries stood at over 2.2 million, accounting for 75.5 percent of the total number of foreign tourists (more than 2.9 million). We have argued over the costs and benefits of this event, especially the opportunity cost to improving basic government services and infrastructures in the rural and provincial centres. First, is that benefits outweigh the cost in the long run. In an effort to balance Chinese investment, the US and its allies Australia and Japan used the APEC summit to unveil a major project of their own, announcing a $1.7bn plan to help PNG achieve its goal of supplying electricity to 70 per cent of the population by 2030. APEC Supply Chain Connectivity: APEC is also improving logistics and transport networks to enable component parts and final goods to travel across multiple borders, contributing to a more efficient regional supply chain. There is no doubt about what PNG will gain out of its hosting of the powerful APEC Leaders Summit in Port Moresby which ended yesterday. Vietnams exports to APEC members were made up for the largest share among global regions, with 72.8 percent. You can find out more about our privacy policy, and terms and conditions. Photo: Supplied. From our Governments point of view, the hosting of Apec is expected to have a positive impact on the economy from increased activity and employment. APEC Executive Director, Dr Alan Bollard, is in the country for policy discussions, spoke exclusively to EMTV about the advantages of hosting the summit. Although the APEC will affect the populace of PNG, we must look forward to the long term benefits because as a country, we cannot function well if we do not have the financial means to support the needs of the people. But while many people have their opinions about it, it is not something that Prime Minister, Peter ONeill, will pull away from. APEC Papua New Guinea 2018 was the year-long hosting of Asia-Pacific Economic Cooperation (APEC) meetings in Papua New Guinea.. Regional APEC Meetings To Deliver Real Benefits For PNG If you ask almost any other member of the Parliament if they agree with Papua New Guinea hosting APEC in 2018, they would be supportive. Although claims by the government of massive benefits in investment and trade from hosting APEC remain to be seen, the event will at least put PNG in the spotlight. Although the event will put PNG in the spotlight, whether there will be massive investment and trade benefits to PNG as a result of hosting APEC, as the government predicts, remains to be seen. The question of whether APEC is worth hosting it by the PNG government in 2018 is necessary at this time when the country is facing an economic problem. When hosting the APEC Summit in PNG, it will bring entrepreneur and technological opportunities that people and business can access easily and connected to the global communities. These meetings will be concluded with the Leaders Summit in November. The jury remains out on whether Papua New Guinea will reap the benefits of hosting the APEC leaders summit. While many Papua New Guineans have mixed reactions to the governments desire to host the APEC meeting in PNG, a businessman and community leader has seen the importance of hosting such an event. if the benefits are greater than the cost of k600 million than the summit was viable or beneficial vice versa cost greater than the benefits than its a failed investment. Host nation Papua New Guinea has benefitted from the superpower rivalry that dominated this years APEC summit, accumulating a series of economic benefits But what are the likely benefits of hosting APEC in PNG despite the current economic situation? Host nation Papua New Guinea has benefitted from the superpower rivalry that dominated this years APEC summit, accumulating a series of economic benefits associated with holding the 21-member blocs rotating chair for 2018. Reply. Related. People will better understand the sorts of trade, tourism and investment opportunities that exist here, Dr Bollard said. APEC has become an important forum contributing to the enhancement of Vietnams status in the international arena. However, Powes Parkop, the governor of PNG's National Capital District, said hosting APEC was a positive move for the country. https://postcourier.com.pg/wp-content/uploads/2020/11/VID-20201111-WA00081.mp4?_=1. We are proud to support the Government through Platinum Sponsorship of this Summit. This Papua New Guinea economic update was produced by Oxford Business Group. Leaders participation from APEC member economies along with over 11,000 delegates, businesspeople and reporters in Vietnam and abroad illustrated the special attention of the region and the world to Vietnam and APEC in general. Whatever happens at the leaders meeting this year, in this fundamental sense APEC 2018 is a lost opportunity for its host. Host nation Papua New Guinea has benefitted from the superpower rivalry that dominated this years APEC summit, accumulating a series of economic benefits associated with holding the 21-member blocs rotating chair for 2018. Papua New Guinea will host the Asia-Pacific Economic Cooperation (APEC) forum in 2018. The Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region. The APEC summit is already by far the biggest event to date for PNG after it played host to the Pacific Games in 2015, the FIFA Under 20 Womens World Cup in 2016 and the Rugby League World Cup in 2017. A similar strategy has proven to be successful for other APEC nations. You can find out more about our privacy policy, and terms and conditions. PNG will host this 47th SMEWG Meeting after the 46th Brunei. Papua New Guinea has taken up the role of host for the first time in 2018 after a quarter century of APEC membership. This is one of the success stories of the benefit of hosting APEC. Email . Through economic opportunities, which the government claims APEC will open up for PNG, Mr Parkop believed Papua New Guineans could have more self-respect and belief in themselves. Use of this site is governed by our Legal Notice. In September government officials announced that Chinese company Shenzhen Energy would lead the proposed PGK3bn ($920m), 180-MW Ramu 2 hydroelectric power project, to be located in the Eastern Highlands Province. We are proud to support the Government through Platinum Sponsorship of this Summit. Another advantage of hosting APEC in 2020 is the opportunity to advance important change in critical policy areas, such as inclusive economic participation, digital trade, sustainable development and equitable prosperity among peoples. BY MAL TAIME Transparency and accountability were stressed on the cow paddock in Mount Hagen on Monday night. Public criticism is at a high with the revelation of expenditure of K600 Million for the country to host the 21 Heads of Asia Pacific Econ Public criticism is at a high with the revelation of expenditure of K600 Million for the country to host the 21 Heads of Asia Pacific Economic Cooperation (APEC) Leaders Summit in. The immediate benefits of hosting Apec were to be felt by those clustered to the hosting process. This event will only be a major gain for many politically-aligned individuals and not the country as a whole. This comes as the fund forecasts the economy will contract by 1.1 per cent this year, with Treasury figures showing the budget deficit will stand at 2.5 per cent of GDP. Although still awaiting final approval, the proposal will see Shenzhen take 70 per cent ownership of the project, with the other 30 per cent to be held by various state stakeholders. Hosting an APEC meeting is a very effective way to promote tourism and culture in regional centres, as well as encourage skills transfer and local capacity development. The Prime Minister said people around the country are tired of candidates who are standing without any clear policies and who just want to run the country down. PNG could have used its hosting of APEC to push through important change in a range of critical policy areas. PNG as the 2018 APEC host will invite APEC member economies and global communities to have confidence in the countrys potential in hosting big projects and also to showcase potential of the host economy that will have an impact on brining citizens closer to the global markets and beyond PNGs trade borders. By: Lisa Dorward. Post . For the first time since becoming a member in 1993, APEC PNG is hostingmeetings in 2018. PNGs hosting of this years APEC Leaders Summit in November will provide opportunities for young Papua New Guineans in the field of business, economics and innovations through the APEC Business Advisory Council of PNG or ABAC. The APEC Year 2017, especially the 25th APEC economic leaders meeting in the central coastal city of Da Nang in November, has been successful in all aspects, turning Vietnam into a centre of global attention. Although seen by China as a way of speeding up development in emerging economies, the US has criticised the strategy, saying it places an excessive debt burden on smaller countries. Mcclay Bro says 3 May 2018 at 9:58 pm. Though there was some criticism of the blocs smallest economy spending heavily to stage the two-day leaders summit, held over November 17 and 18, and numerous other events during the year, senior officials have said the returns on investment are already being accrued. Port Moresby, as the host city, is expected to benefit. Download and use it for your personal or non-commercial projects. By: Lisa Dorward. Thus, such exposure will attract investors and in having investment in our country, it will help a lot in alleviating the current situations our people are facing. APEC aims to strengthen regional economic integration by removing impediments to trade and investment at the border, enhancing supply chain connectivity "across the border" and improving the business environment "behind the border." The government has been asked by the parliamentary opposition to reveal how much public money was spent on APEC and account for each The jury remains out on whether Papua New Guinea will reap the benefits of hosting the APEC leaders summit. The eyes of the world are turning towards Papua New Guinea as it prepares to host the APEC Economic Leaders Week, the biggest ever international event on its soil. Provinces that have been selected to host various lead up meetings will have the chance to offer APEC delegations and visitors the chance to experience the diverse cultures. since the cost of k600 million is reveal, lets also reveal the benefit of apec to png as a nation. The government has been asked by the parliamentary opposition to reveal how much public money was spent on APEC and account for each item of APEC is a forum of 21 Asia-Pacific economies, designed to encourage a growing and prosperous regional economy. This element of the project is significant as it aligns with the main theme of PNGs term as APEC chair. Experiences from other member countries such as the recent host, Philippines suggest that the benefits will outweigh the cost initially invested. Because we had committed APEC PNG 2018 into His hands years earlier, and on Sunday, 25 November, 2018, we gave thanks and celebrated its successful completion with a Thanks giving Service at the Poreporena Lahara United Church, atop Metoreia Hill, in Hanuabada village. Let us not forget Apec is all about trade and investment. The cynicism over Papua New Guineas hosting of the Apec Leaders Summit belies the tangible benefits the event can bring. some benefits are the electricity project, road & Copyright 2021, Post Courier Online. Its an event that is setting the stage for our country and the Pacific region to see the many changes and good things happening in the years to come., International rivalry leads to investment. The government has often been accused of both corruption and waste in the years before the APEC events, and many fear that the country failed to use many advantages connected with its host status. Shane McLeod on Papua New Guinea After APEC By Shannon Tiezzi The test will be whether PNG will, in the short, medium, and long term, be able to realize the benefits of hosting. Improving digital connectivity and deepening regional economic integration; Strengthening inclusive growth through structural reforms. Australian High Commission in PNG Welcome remarks Mr Eduardo Pedrosa is the Secretary General Ivan Pomaleu, PNG Government Ambassador to APEC Introduction to APEC responsibilities included the management and Dr Alan Bollard Executive Director, APEC Secretariat Regional Economic Trends Mr Eduardo Pedrosa Secretary General, Pacific Economic Cooperation Council Benefits of Hosting APEC Hosting of APEC in Papua New Guinea is crucial as a developing nation and most importantly it focuses on deepening free trade, investment and tourism in the country whilst creating job opportunities. The direct benefits for business in PNG are that, from what we spend on and for hosting APEC, most will go to the private sector because the government is not in the business of delivering the items that we need, PNG APEC Authority Interim Chief Executive Officer Christopher Hawkins told the 2015 Papua New Guinea Advantage Investment Summit last month. This will also raise the international profile of PNG and promote it as an investment acme in business and tourism destination beyond Apec meeting. While PNGs role as host of APEC has led to some considerable investment in key infrastructure, there has been some criticism of the costs involved, particularly given economic troubles in recent times. BY JEFFREY ELAPA. It was formed in 1989 in Australia as an informal forum in which member nations could discuss free trade and economic cooperation along the Pacific Rim. As APEC headed to Vietnam in 2017 under the theme, creating new dynamism, fostering a shared future, a regional agenda with the following priorities were put forward: Promoting sustainable, innovative, and inclusive growth; Deepening regional economic integration; Strengthening MSMEs competitiveness and innovation in the digital age; and Enhancing food security and sustainable agriculture in response to climate change. Australia provided a quarter to a third of the cost to host the meetings and also helped with logistics and security (G4S). Transparency in doing business cleanly and accountability in being honest in acquitting She said her plans for the future is to run her own SME and her advice to young women and men is to always have a passion for what you do. As a longstanding operator in PNG, Newcrest is familiar with both the challenges and the immense opportunities here. Papua New Guineas APEC host year will consist of a range of meetings, culminating in the APEC Leaders Week from 12-18 November 2018 in Port Moresby. SME Working Group Meetings are hosted twice in an APEC year. Copyright 2021, Post Courier Online. US leads investment in electricity and digitalisation projects. Thou it may bring various economic benefits to our People. In August, under a headline that read APEC is for you PNG , APEC Minister Hon Justin Tkatchenko said the benefits of hosting APEC would last for many years and would strengthen many sectors in the economy. APEC to benefit PNG long term 10/24/2016 Headlines, PNG News. Ambassador Ivan Pomaleu, PNG's ambassador to APEC, giving the keynote address at the completion of the week-long military police training programme today 73 MPs from all over the country came to attend. A forum was Hundreds of APEC meetings held in PNG throughout the year culiminated in last weekend's Leader's Summit in Port Moresby. The Apec leaders know PNG is the poorest of the Apec nations. The long-term benefits of hosting the 2018 APEC Summit will flow to Papua New Guinea if it is willing to use the hosting outcomes as an important platform to promote growth and prosperity. The theme for the meeting is: Harnessing inclusive opportunities and embracing the digital future and there are three policy priorities to support the APEC objectives and they are: Cornock said its role as host of many high-profile Apec meetings in 2018, together with other key regional developments, had provided a timely opportunity for the country to revive investor interest. The trade policies that will be discussed between APEC economies also promote global trade in environmental goods and reduce tariffs in trade. Hosting of APEC in PNG is expected to have positive impact on the economy from increased economic activities and employment. Tweet . In an effort to Foreign Affairs and Trade Minister Rimbink Pato on the Benefits of Hosting APEC for Papua New Guinea Host nation Papua New Guinea has benefitted from the superpower rivalry that dominated this years APEC summit, accumulating a series of economic benefits The hosting of APEC is expected to have a positive impact on the economy, raising the profile of PNG internationally and promoting it as an investment and tourism destination. The underlying reason in forming APEC initially is to reflect growing economic independence of the 21 APEC economies in the region, which has become a crucial regional forum to discuss trade and investment policies. Share It. This implies that there is Photo: Supplied. To improve efficiency, APEC is addressing eight 'chokepoints' from regulatory impediments to customs procedures and infrastructure bottlenecks with the goal of an APEC-wide 10 Since it takes time for investments to maximize returns, vibrant leadership and effective good governance system is highly necessary. Benefits of hosting apec in collection of 21 free cliparts and images with a transparent background. It was the first time Papua New Guinea hosted the APEC meetings. Print . It hasnt. PM Peter O'Neill and Treasury Minister Charles Abel are saying PNG will benefit from the APEC 2018. Small and Medium Enterprises will now gain exposure for their business and products online. Taking into account the current international climate of protectionism, they also explore the implications of the US presidents decision not to attend the summit, and the extent to which China is PNG will host this 47th SMEWG Meeting after the 46th Brunei. Leading Asia-Pacific Economic Cooperation (APEC) experts say Papua New Guinea stands to benefit from being in the global spotlight when it hosts the APEC forum in 2018, including an anticipated boost to investment, tourism and trade. From the perspective of the United States, it has been a crucial institution for economic engagement within the region. However, Powes Parkop, the governor of PNG's National Capital District, said hosting APEC was a positive move for the country. As the date for the APEC Leaders Meeting draws nearer, Papua New Guineans will I have served during a fascinating period of Papua New Guineas history. Long-time APEC point person for the emerging south Pacific economy and its veteran head of the Investment Promotion Authority, Ambassador Ivan Pomaleu, will play a central role in advancing the regions trade and growth agenda as the Chair of APEC Senior Officials. He has confirmed that the 2018 APEC Leaders Summit will go ahead. Hosting of APEC in PNG is expected to have positive impact on the economy from increased economic activities and employment. APEC benefits for PNG PAPUA New Guinea has benefited from the superpower rivalry that dominated this years APEC summit, accumulating a series of economic benefits associated with holding the 21-member blocs rotating chair for 2018. The 2018 APEC event and lead up meetings to the main Summit will generate many opportunities for the tourism industry. Opportunities to build the capacity of local law enforcement, the PNG Defence Force, as well as customs and immigration systems, are among the many benefits of hosting the APEC summit, according to the government. Ten out of 14 most important investors with over US$1 billion of investments in Vietnam were APECs members. US leads investment in electricity and digitalisation projects. Promoting inclusive and sustainable growth; and Updated September 26, 2017 . The recent senior finance officials meeting held in Madang in June this year looks at how best banking services could expand into rural areas whilst educating people on the importance of savings and investment. The Ministers statement seemed to portray APEC as a defining event in the countrys history. Not least of these was Chinas Belt and Road Initiative, which involves a series of major infrastructure investments throughout the region. Russia's Vladivostok hosted the APEC summit in 2012. Investment is vital in improving PNGs economy when potential investors come into the country to invest in multi million kina projects, which supports economic benefits and development in the country. Like many right thinking and concerned PNGeans, I doubt it very much. The Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region. Share 0 previous post This event will only be a major gain for many politically-aligned individuals and not the country as a whole. Importantly, we believe our assistance will have an enduring benefit to the people of Papua New Guinea beyond its APEC year. PNG Women in Leadership Consulate-General Lae Consulate-General Lae Contact us Contact us APEC to put Papua New Guinea in the global spotlight. Eight years after joining APEC, Vietnam, for the first time in 2006, was honored to host the 14th APEC Summit. Starting on November 12, the week-long event is the culmination of PNGs 2018 chairmanship of the Asia-Pacific Economic Cooperation forum. As a longstanding operator in PNG, Newcrest is familiar with both the challenges and the immense opportunities here. Following the recent activity in the minerals and gas sector and a successful APEC Leaders Summit, the Australia PNG Business Council has successfully lobbied to bring to our shores four high-profile business investment conferences, -- all of which will be held from June 17 to 21 at the Stanley Hotel and Suites and APEC Haus. Performers in traditional Officials confident benefits will outweigh costs While PNGs role as host of APEC has led to some considerable investment in key infrastructure, there has been some criticism of the costs involved, particularly given economic troubles in recent times.