IPA Signs MoC with Pacific Islands Centre to strengthen trade ties with Japan

The Papua New Guinea [PNG] Investment Promotion Authority [IPA] has signed a Memorandum of Cooperation [MoC] with the Pacific Islands Centre [PIC], under the Pacific Islands Forum Secretariat in Fiji.

The agreement, signed this week in Suva, marks a significant step forward in boosting trade and investment between PNG and Japan.

The MoC was formalized by IPA Managing Director Clarence Hoot and PIC Director Ryuzo Saito at the Pacific Islands Forum Secretariat.

Their collaboration follows ongoing discussions between the two organizations aimed at enhancing economic ties and fostering mutual investment opportunities.

Mr. Hoot says this partnership would strengthen efforts to support both established and emerging exporters in PNG, as well as facilitate Japanese investments in the country.

“We have had a longstanding relationship with PIC, and I am pleased to see this formal cooperation, which we have been actively pursuing,” he said.

The event was attended by the Japanese Ambassador to Fiji, His Excellency Mr Rokuichiro Michii, and PNG’s Acting High Commissioner to Fiji, Bill Olmi, underlining the diplomatic significance of the MoC.

Mr. Saito highlighted Japan’s commitment to providing PNG with quality and competitively priced products and emphasized the importance of governmental support in creating a favorable business environment for seamless trade and investment activities between PNG and Japan.

The MoC, effective for three years, will undergo review at its term’s end, allowing both parties to assess and reinforce their collaboration.