PNG annual trade with Japan is K7 Billion: Prime Minister Marape

Prime Minister James Marape Prime Minister Marape expressed his gratitude towards Japanese companies for their contribution to the robust trade partnership between both countries.
Addressing the 4th Japan-Pacific Island Countries Economic Forum held in Tokyo, Mr Marape said “I want to place on record Papua New Guinea’s appreciation with the volume of trade between our two countries exceeding K7 billion or over US$2 billion.
“We are a free-market capital country with vast resources, a strong judiciary and arbitration process, a population of 15 to 20 million with consumption ability, and our place within the Melanesian Solidarity Group [MSG] countries, Pacific Nations, and Southeast Asia makes us a competitive place for investment.
“If there are any potential investors in the room, fear not, feel free, as there are many Japanese companies already in Papua New Guinea doing business since 1975.
“Papua New Guinea goes by this motto, our big space has marine resources, especially fish, with Japan consuming over 40 percent of tuna produced in the Pacific.”
Japan is one of PNG’s three biggest trading partners, where PNG enjoys a trade surplus.
In 2023 and 2022, PNG exported over K7 billion and K8 billion to Japan in raw materials in copper, gold, logs, tuna, coffee, seafood, wood-chip, shell, crocodile skin, vanilla, timber, and liquefied natural gas; while PNG imports from Japan are manufactured products from motor vehicles, car parts and accessories, and machinery.