CANBERRA - Papua New Guinea intends to take advantage of the Asian century and will soon count China as its second-biggest trading partner after Australia, PNG Prime Minister Peter O'Neill said at the Lowy Institute for International Policy in Sydney on Thursday.

O'Neill stressed that the burgeoning relationship between PNG and China centered on trade and investment. "Our fastest growing relationship is with the People's Republic of China," he said.

According to him, PNG wants to establish itself as a key energy, minerals and food exporter to the Asian region. It would devote billions of dollars to roads, law and order, airports and ports over the coming years.