22 Mar 2007

PNG's trade with Australia hits 3 billion US

10:12 am on 22 March 2007

Two way trade between Australia and Papua New Guinea is worth over 3 billion US dollars.

The Post Courier newspaper reports Australia continues to export a wider range of goods and services to PNG than any other country at a cost of about 1-point-16 billion US dollars last year.

PNG's Investment Promotion authority says PNG exports to Australia have been growing steadily from almost 1 billion US dollars in 2001 to 1.6 billion at the end of 2006.

Peter O'Byrne, Chief Executive Officer of the Australian Trade Commission who hailed the Trade Expo at this year's Australia-PNG Business Forum in Cairns Australia, as a "new and significant development" said there are good prospects for further development.

The Trade Expo this year was jointly sponsored for the first time by Austrade and the PNG Investment Promotion Authority.