The temporary downturn in the Papua New Guinea economy cannot be estimated and Fiji as the trade hub of Pacific needs to be ready to make use of the opportunity.

This was the comment stressed by Fiji-Papua New Guinea Business Council outgoing President, Nouzab Fareed, yesterday evening during the council’s annual general meeting.

The AGM was held at the Grand Pacific Hotel in Suva.

He emphasised with the commencement of the second and third LNG projects in PNG, the POM will become live and demand of all products and services will be on the increase.

“Will it reach 2009-2011 levels is doubtful as the first LNG was a new experience. But Fiji needs to be ready nonetheless,” he said.

Mr Fareed said another trade delegation in 2017 or 2018 would make sense.

“It would be interesting to have a few events in 2017 with PNG Public officials to understand the exchange issues experienced in 2015-2016,” he said.

Further plans

Meanwhile, Mr Fareed highlighted the current website for Fiji – PNG Business Council was active.

But he said but they are planning to revamp it to make it more attractive for members.

“Availability of update information is vital for our members,” he said.

“Also, the financial members of the council has stabilised at 50. At the peak during 2013, we had more than 90 members.

“The council is planning work on strategy to carry out a membership drive.”

President’s Term

After serving as the President for two years, Mr Fareed’s term came to an end.

He handed over the reins to Joe Taoi who now becomes the new President of the Council.

EDITED BY: Rachna Lal