With regulatory approval finally received for ANZ’s sale of its retail banking assets in Papua New Guinea, ANZ PNG’s Chief Executive Officer Mark Baker talks to Business Advantage PNG about the bank’s future plans in the country.
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With the signing of the Papua LNG gas agreement with Papua New Guinea’s government imminent, Managing Director of Total PNG Ltd, Jean-Marc Noiray, shares his thoughts on the US$10 billion Papua LNG project with Business Advantage PNG.
Data costs are likely to fall by 80 per cent because of the Coral Sea Cable System, which is scheduled to be connected to Port Moresby later this year, according to Peter Williams, Chief Executive of Deloitte Digital. He believes Papua New Guinean businesses will have to rethink their approach to investment, hiring, management and technological roll out.
The Chief Executive of the Manufacturers Council of Papua New Guinea, Chey Scovell, has given an upbeat assessment of the prospects for the manufacturing sector. He tells Business Advantage PNG that the mood, while cautious, is becoming more optimistic.
Oil prices have strengthened, but LNG prices have come off sharply. Copper has eased slightly. Business Advantage PNG’s monthly overview of commodity and financial markets.
Port Moresby’s electricity generation capacity is set to almost double, with the advent of two new independent power producers, Dirio Gas & Power and NiuPower. For the first time, gas will be used for domestic power supply in Papua New Guinea—but challenges remain.
Being a manufacturer in Papua New Guinea means managing its economic cycles, says Stan Joyce, Managing Director of SP Brewery, Papua New Guinea’s largest brewer. He tells Business Advantage PNG the economy is starting to turn in the manufacturing sector’s favour.
The high speed Coral Sea Cable System, expected to be completed by the end of this year, will open up development possibilities for several Papua New Guinea industries. Laine Kidner, Chief Executive of data centre services company Connected South Pacific, outlines some of the outstanding opportunities to Business Advantage PNG.
The new Chief Executive of Air Niugini, Alan Milne, says that after two difficult years for the airline, the prospects are looking much better. He says he is adopting a ‘four pillar’ program to transform the carrier.
The proposed Foreign Investment Regulatory Authority Act has been withdrawn, according to Papua New Guinea’s two largest Chambers of Commerce and Industry. They say that the Minister for Commerce & Industry, Wera Mori, would instead look to amend the Investment Promotion Act.