China emphasizes opening up while PNG welcomes investment

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09:38

China will continue to pursue its fundamental policy of opening up by significantly expanding market access, better protecting intellectual property rights, and making the investment and business environment more attractive, according to Chinese President Xi Jinping’s speech at the APEC meeting.

Experts are encouraged by Xi's remarks, noting that China's further opening up and protection of IP are key issues for global investors.

01:43

"I found that Chinese President Xi Jinping's speech is quite encouraging, particularly in pointing out the further liberalizing and opening up of the Chinese domestic market, and increasing protection of intellectual property. I think re-emphasis of these two points will give people lots of confidence," said Jean Dong, Chief Executive for Australia-China Belt and Road Initiative.

Professor Andrew Macintrye, director for Australian APEC Study Center, said that multinational companies will watch what follows Xi's speech. He also mentioned that Australia, like many countries around the region, hopes China and the US can come together and solve their trade disagreements.

As for the host country of the meeting, APEC brings more opportunities to PNG. "It is opening up the mind of every Papua New Guinean. Our foreign minister said ‘friends to all'. We will make friends with all governments," said Sam Basil, PNG's Minister for Communications, Information Technology and Energy.

Petrochemical is one of the potential areas where PNG is looking for more investment, according to Fabian Pok, PNG's Minister for Petroleum.

The minister said that the country just signed a multi-billion-dollar deal with French multinational integrated oil and gas company, Total SA. The memorandum of understanding (MoU) is basically a commitment by the government to finalize a gas agreement in early 2019, which would lead to the development of Papua LNG, run by Total.

Sam Basil (L), PNG's Minister for Communications, Information Technology and Energy and Fabian Pok (R), PNG's Minister for Petroleum. /CGTN Photo

The petro sector is not the only focus, as the Pacific country also looks to its vast potential in electricity. PNG announced that it had invited Australia, Japan, New Zealand and the United States to work together to support its enhanced connectivity and the goal of connecting 70 percent of its population to electricity by 2030.

Does this leave China out? "That doesn't stop China. As you can see, most of big hydro projects are developed by Chinese companies. I think other countries signing with PNG in energy side will provide more competitions and better prices," Minister Basil explained.

"We are very grateful that there are many CEOs in different companies and organizations who have come here. We have met with some of them, and we are confident that after they go back to their country, they will decide to invest in PNG," Minister Pok said positively.