Economy/Investment

Australian government commits to building an undersea telco cable to Port Moresby

The Prime Minister of Australia, Malcolm Turnbull and the Prime Minister of Papua New Guinea, Peter O’Neill have announced they will be working together to lay a new undersea high speed telecommunications cable from Australia to Port Moresby. The move is expected to contribute to closer economic integration between the two neighbouring countries.
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Local knowledge and ‘being there’ critical for business success in the Pacific region

Looking to invest successfully in the Pacific? There’s no substitute for understanding your market and its people, and for being on the ground. Three successful regional investors also outlined to the Business Investment PNG Conference which sectors have the most potential.
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Tax amnesty relief for business in Papua New Guinea

The Commissioner-General of the Internal Revenue Commission (IRC), Betty Palaso, has announced a temporary tax amnesty for business in Papua New Guinea. Penalties that would normally be imposed by the IRC on late lodgement of annual tax returns and late payments will not be applied for the rest of 2017.
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Port Moresby Governor to consider offering settlement residents title

The National Central District has launched an urban development program, which will run into the middle of next year. Governor of Port Moresby, Powes Parkop, said he will be looking to upgrade Port Moresby’s settlements and explore ways to offer residents title.
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Shift in demand for ‘exotic’ minerals resources could provide opportunities for Papua New Guinea

A shift in the resources industry is expected, with demand for more “exotic” minerals increasing. But Justin Smirk, Senior Economist at Westpac Institutional Bank tells Business Advantage PNG that industry players must apply a long-term and holistic approach to reap the benefits.
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Home building set to rise sharply in Papua New Guinea says real estate website CEO

Home building in Papua New Guinea is set to accelerate sharply, according to Matthew Care, Chief Executive and founder of the real estate website Hausples.com.pg, which has an expo in Port Moresby this weekend. He tells Business Advantage PNG that the growth is being driven by pent-up demand.
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