New figures from the Investment Promotion Authority (IPA) in Papua New Guinea have confirmed that Malaysia is now the country's leading foreign investor, local media reported Tuesday.

With over 200 firms operating in the South Pacific nation, PNG High Commissioner Muhd Irfan Zulkurnain told local media on Tuesday that trade between the two nations for the first six months of the year to June totaled in excess of 420 million U.S. dollars.

"Malaysian companies continue as the leading job providers in PNG," he said.

"We at the high commission expect business and investment trends from Malaysia to grow further in the coming years, particularly in agriculture and services sectors."

"This is a clear indication of strong confidence in PNG."

Although PNG is generally more recognized amongst international investors for mining and natural resources opportunities, most Malaysian business in PNG fall under the retail, services, agriculture, forestry and manufacturing sectors.

During the calendar year in 2017, Malaysia's total exports to PNG reached 303.9 million U.S. dollars, with imports going the other way hitting 214.7 million U.S. dollars.

"The governments of Malaysia and Papua New Guinea are stepping up efforts to consolidate mutually-beneficial cooperation in various sectors," Zulkurnain said.