The APEC summit this year is expected to boost the country’s economy through direct spending anticipated at K200 million by more than 15,000 international delegates.
This is according to APEC PNG 2018 Co-ordination Authority CEO, Christopher Hawkins on the gain for local businesses during the summit this year.
“There is a few different areas for business, one is throughout the year with more than fifteen to eighteen thousand delegates coming, and that is not just the people attending the meetings, but those who arrange for their delegations and ministers and leaders, we estimate there will be a cash injection of around K200 million straight through that,” Mr Hawkins said.
He said the estimate covers airfares, accommodation, setting-up temporary offices for delegates to support their ministers, presidents and prime ministers.
Mr Hawkins said the spending indicated in the 2018 Budget appropriation of K300 million will also be spent in the local economy, with a major portion also focused on security preparations for that budget.
“Then there is the direct spending. We break that into consumables for the meetings that includes booking venues for meetings, the papers used to the signage to bottle of water to the transportation around the city.
“That comes out of the APEC budget this year, but don’t forget the big part of the APEC budget is security. That is investing in capacity we should have been advancing many years ago and now our government is in preparation for APEC investing in that capacity.”
Mr Hawkins said progress into the year will see more and more tender opportunities posted on the APEC tenders website.
“Areas like production of shirts hospitality and catering. We engaged a lot last year that went up on the APEC tenders website.”