Trukai investing tens of millions to produce Papua New Guinea grown rice

Last month, Agriculture Minister Tommy Tomscoll told rice companies to start investing and producing rice in country. But, as the CEO of the country's dominant producer tells Business Advantage PNG, Trukai has already committed to invest tens of millions of kina in rice production.

The Papua New Guinea government’s new national rice policy focuses on local rice farming, reducing imports and enhancing food security, but the country's dominant rice player has had similar plans … [Read more...]

In brief: Treasury to review 2015 Papua New Guinea Budget, and other business stories

Falling commodity prices and rating outlook drop prompts Budget review, O'Neill supports Madang marine zone and new police chief to boost numbers in Port Moresby. Your weekly digest of the latest business news.

  The PNG Treasury has indicated that a budget review will be held soon and government departments will be consulted on where cuts can be made. Treasury Secretary Dairi Vele announced the Supplementary Budget planning in light of the drastic fall in world commodity … [Read more...]

What makes brands work in Papua New Guinea?

A recent online survey to identify Papua New Guinea’s most recognisable brands suggests that traditional marketing techniques still hold sway in PNG. But for how much longer? asks Andrew Wilkins.

Earlier this month, Papua New Guinea website Skerah ran a survey on its Facebook page asking its followers to identify the country’s ‘most recognisable’ home-grown brands. While the survey wasn’t especially scientific and was understandably limited in scope (you might recognise a … [Read more...]

In brief: Air Niugini expands services with Melanesian partnership, and other business stories

Air Niugini secures agreement with Air Vanuatu and Solomon Airlines, Cue Energy rejects takeover offer, and Steamships closes Highlands Highway operations. Your weekly digest of the latest business news.

Air Niugini has signed a deal with Air Vanuatu and Solomon Airlines for a tri-partite codeshare arrangement on the Port Moresby/Honiara/Port Vila route. The service still start by June, with Air Vanuatu and Solomon Airlines using Air Niugini’s Fokker 100 aircraft. Meanwhile, Air … [Read more...]

In brief: Newcrest output at Lihir ‘below expectations’ despite improvement, and other business stories

Production issues hurt Newcrest, Mitsui delivers PNG LNG carrier, and Nautilus hit by 'cyber attack'. Your weekly digest of the latest business news.

Newcrest Mining Ltd has increased production at the Lihir gold mine in Papua New Guinea by 4% during the December quarter, against the previous three-month period, but said the result was below expectations due to unplanned maintenance issues. Meanwhile, the Australian company reported that output at the Hidden Valley operation was … [Read more...]

In brief: 25 billion kina of mining investment in Papua New Guinea and other business stories

Over 25 billion kina of mining investments over next decade expected, and New Britain Palm Oil hit by kina's value. Your weekly digest of the latest business news.

At the Sydney PNG Mining and Petroleum Investment Conference, Mining Minister Byron Chan said PNG expects to see about five mining development projects with a combined capital investment expected to exceed $US 10 billion ( K25 billion) within the next decade.

In brief: Prime Minister resists arrest warrant and other stories

Prime Minister Peter O'Neill refuses to step aside after corruption claims, courts approve UBS loan repayments and Papua New Guinea's financial system is worth nearly K40 billion. Your weekly digest of the latest business news.

In an extraordinary week in politics, which saw the Attorney-General replaced and a new Police Commissioner appointed and then arrested, Prime Minister Peter O’Neill appears to have side-stepped a warrant issued to force him to answer questions about the … [Read more...]

In brief: O’Neill defends loan, call to boost police/military, Abbott in PNG

O'Neill defends loan to buy into Oil Search, economy vulnerable unless security boosted, Manus Detention Centre focus of Abbott/O'Neill talks. Your weekly digest of the latest business news.

Prime Minister Peter O'Neill has defended the US$1.2 billion (K3 billion) loan the government has taken out to buy a 10% stake in Oil Search. O'Neill says the loan is US$300 m (K802 million) less than the loan it replaces, the interest rate is lower at under 5% and officials are wanting to … [Read more...]

PNG Manufacturers look to the future

While 2013 was a quiet year for most of Papua New Guinea’s manufacturers, they remain positive about future prospects, as Business Advantage PNG’s exclusive survey of the sector reveals.

There is no question that Papua New Guinea's manufacturers – which account for about 9% of the country’s GDP – have been caught up in the general downturn in the country’s economy, with a combination of lower investment in the mining and petroleum sectors, lower commodity prices and a … [Read more...]

Papua New Guinea’s manufacturers seek level playing field on cheap imports

Cheap imports into Papua New Guinea are posing an increasing threat to local producers, with reports of foreign companies ‘dumping’ goods in PNG or under-declaring the value of imports.

Imports are essential for any economy to function properly, but dumping—the importation of goods at or below their cost of production—is causing headaches for some of PNG’s producers. The General Manager of Goodman Fielder’s operation in PNG, Peter Tannahill, estimates the company loses … [Read more...]