China remains Papua New Guinea’s second largest source of imports and third-largest export market. Fresh from over three years in Beijing, Austrade’s new Deputy CEO considers the prospects for doing more business with China.
Economy & Investment
Foreign direct investment in Papua New Guinea is starting to return this year after a ‘huge slump’ over the previous two years, according to Clarence Hoot, Managing Director of the country’s Investment Promotion Authority.
In what may be the most significant innovation in Papua New Guinea’s capital markets since the establishment of a local stock exchange, the PNGX has announced Securities Commission approval for its new Debt Market Rules. The approval paves the way for the establishment of a corporate bond market.
The growth of Papua New Guinea’s non-resources economy is giving major developers the confidence to invest in projects outside of Port Moresby, an expert panel told the recent Business Advantage Papua New Guinea Investment Conference.
Delegates to last week’s 2022 Business Advantage Papua New Guinea Investment Conference received an overview of the plans of the new Marape government, as well as detailed economic updates and a range of briefings on opportunities across the country’s key economic sectors.
The 2022 Business Advantage Papua New Guinea Investment Conference is taking place in Brisbane on 15 and 16 August, bringing business people and financiers together face-to-face for the first time since 2019. We preview the event.
While the number of Chinese businesses in Papua New Guinea has increased significantly over the past two decades, more recently direct investment from China has flagged. A pioneering new study is taking a closer look.
Papua New Guinea’s economy has weathered the COVID pandemic well, according to the International Monetary Fund’s latest Article IV assessment, completed last week. While the assessment paints an improved picture over the medium term, it flags some key reforms that PNG’s government still needs to address.
Papua New Guinea’s Internal Revenue Commission (IRC) recently established an online payment portal, ‘myIRC,’ as part of its strategy to take the country’s tax system online. Business Advantage PNG sits down with Commissioner General Sam Koim to see how it is going and discuss the IRC’s long-term strategy.
Recently released data from Papua New Guinea’s central bank indicates the country’s economy bounced back significantly in the September 2021 quarter on the back of a massive increase in export receipts due to higher commodity prices. While private sector employment and sales also rose, the bank warns inflation is also on the march.