The merchandise trade between Papua New Guinea and Hong Kong Special Administration Region of China has recorded a substantial increase of 34 per cent in the past three years, from US$65 million in 2019 to US$87 million in 2022.
This information was revealed to PNG Prime Minister, James Marape following a brief meeting between Marape and Chief Executive of Hong Kong Special Administration Region in China, John Lee.
The meeting resulted in an invitation issued for companies listed on the Papua New Guinea Stock Exchange (PNGX) to also be dual listed on the Hong Kong Stock Exchange, Hang Seng Index (HSI).
Marape said their discussions on Sunday (15th October 2023) included Papua New Guinean companies having access to capital market in HKSAR, access to technologies and other capabilities that the Special Administrative Region (SAR) has to offer in all areas, including the public service.
John Lee welcomed Marape’s visit to Hong Kong, noting that Hong Kong and Papua New Guinea have been maintaining a close relationship in business despite the challenges brought on by COVID-19 pandemic.
Papua New Guinea was the first Pacific Island Nation to sign a Memorandum of Understanding with China for co-operation on the Belt and Road Initiative in 2018.
Hence, more Papua New Guinean enterprises have been encouraged to leverage Hong Kong’s institutional strengths, such as the commitment to the Rule of Law, the free flow of information and capital, a simple and competitive tax system, with a view to seizing opportunities brought by the Belt and Road Initiative.
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