The relaunch of the Fiji-Papua New Guinea Business Council is being seen as a step towards opening up more opportunities for businesses and people in both countries.

Leaders at the relaunch in Suva say the renewed council can help strengthen trade, investment and business connections between the two Melanesian nations, while creating opportunities that can eventually translate into better livelihoods for people.

Interim Chair of the Fiji-PNG Business Council, Laisa Digitaki, says the council is starting from the ground up and will now move towards building its membership.

She says the council emerged from discussions involving people with an interest in doing business in Papua New Guinea, with the process eventually resulting in an interim leadership structure.

Digitaki says the next step will be to establish a proper membership base, bringing together businesses already operating in PNG and those considering entering the market.

The relaunch follows increased engagement between the two countries, including business and investment delegations.

Digitaki says a Fijian delegation travelled to Papua New Guinea as part of an investment and trade mission, before PNG reciprocated by bringing a delegation to Fiji earlier this year.

She says the business council is intended to take that momentum further.

For Deputy Prime Minister and Minister for Business Development, Manoa Kamikamica, the potential of PNG is significant.

Having worked in Papua New Guinea for six years with Westpac, Kamikamica says he has seen first-hand the scale and potential of the country.

He describes PNG as potentially being the “next Dubai in the Pacific”, pointing to the size of its economy, population and resources.

Kamikamica says Fiji and PNG already have a long-standing relationship, built over generations through political, business and personal connections.

He says the relationship is now entering a period where economic cooperation can be taken to another level.

“There are some very significant opportunities that are in front of both countries,” Kamikamica said.

He points to existing links between the two economies, including FNPF being a major shareholder in BSP, as well as PNG companies such as Credit Corporation and TISA Insurance having a presence in Fiji.

Kamikamica also says there is growing interest in investment opportunities between the two countries, including discussions around enabling companies to list across the Fiji and PNG stock exchanges.

He says the systems are already compatible, with regulators now able to work together on how such opportunities can be developed.

Improved air connectivity is another area he believes could unlock greater opportunities.

Kamikamica says he has been pushing for Fiji Airways to establish a scheduled service to Papua New Guinea, ideally with at least two flights a week.

He says reliable and consistent connectivity would make it easier for businesses and families to travel between the two countries.

“Once you have reliable, consistent access, it opens up major opportunities for engagement, certainly in terms of business,” he said.

Kamikamica also highlighted the growing number of Papua New Guineans bringing their families to Fiji, including for education, as another area of potential growth.

He believes trade between the two countries can grow well beyond its current level.

While the current trading relationship remains relatively small, Kamikamica says the opportunities for exports between Fiji and PNG are much more significant.

Fiji Development Bank Chief Executive Officer Filimone Waqabaca similarly believes the size of PNG’s market presents a major opportunity for Fijian businesses.

He says Fiji needs to tap into the scale of PNG while ensuring that the benefits of increased trade and investment ultimately reach ordinary people.

Waqabaca says two-way trade has grown from around $20 million to almost $30 million, but there is considerable room for further expansion.

He says businesses should now be looking at what products, services and investments can be taken into the PNG market.

For Waqabaca, strengthening domestic businesses must also remain a priority.

He says supporting local investors to grow will help create an environment that attracts foreign investors.

“When we look after them well and they grow, the foreign investors will run to the country,” he said.

Waqabaca says the Fiji Development Bank and Investment Fiji will support businesses seeking to explore opportunities in PNG.

He also believes Fiji and PNG can share knowledge and experiences with each other, allowing both countries to grow together.

The leaders say the relaunch of the council is therefore not simply about increasing trade figures, but about building stronger connections between businesses and people.

With investment, education, tourism, air connectivity and potential stock market links already emerging as areas of cooperation, the council is expected to provide a platform for businesses to turn those opportunities into practical partnerships.

Kamikamica says the renewed council is timely and will be one of several developments expected to strengthen Fiji-PNG economic cooperation in the coming years.