11 Sep 2013

Governor of PNG Bank endorses development of agriculture sector

10:47 am on 11 September 2013

The Governor of the Bank of Papua New Guinea, Loi Bakani, has endorsed the development of the agriculture sector as a source of income for Papua New Guinea.

The National newspaper reports Mr Banaki making the comments at the two-day international investment summit at the Gateway Hotel in Port Moresby.

Mr Bakani says given the world shortage of food and the ever increasing prices of food products in the recent years, Papua New Guinea could become the food basket of the Pacific.

He says with 80 percent of PNG's population subsisting and earning their living in the formal and informal agriculture sector, the industry could provide a source of income for the majority of the people.

He says agriculture export industries such as oil palm, cocoa, coffee, rubber, tea and coconut are just some of the commodities that can serve the purpose of providing productive employment and income to the rural majority.

Mr Bakani said that the government should develop an incentive framework that encourages investment in agriculture sector to replace imports, enhance and encourage exports of food products.