Papua New Guinea has fallen two places in the latest World Bank Group assessment of the ease of doing business in world economies, released last week.
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Last week’s elections in Fiji are ‘credit positive’, according to the Moody’s rating agency, after the leader of the 2006, Commodore Frank Bainimarama was sworn in this week as a democratically-elected prime minister.
Foreign investment in the Fiji economy is expected to return, following the first democratic election since the 2006 coup. Tourism, infrastructure and natural resources are three sectors expected to benefit, but economists and business leaders say that will depend on political and policy stability, as Kevin McQuillan reports.
New Caledonia is a unique territory in the Pacific region. With the second highest per capita GDP in the region, it is a prosperous first-world economy that possesses a level of development and infrastructure that would be the envy of most Pacific island nations, as Andrew Wilkins reports.
After years of relationship building, the BRICS nations-Brazil, Russia, India, China and South Africa-are setting up their investment bank. It’s a milestone for this strange mix of economies, but offers Pacific nations access to investment capital, says BRICS expert, David Thomas.
The creation and now the production of the LNG plant highlights the next major challenge facing Papua New Guinea: How to grow the non-mining sectors. Economist Dan Gay says the key is to grow the domestic economy, and the internet and service industries.
Indonesia is the only country with which Papua New Guinea has a land border. This week, it elected a new President. So, just who is Joko Widodo, and what kind of neighbour will Indonesia be under his leadership? Business Advantage PNG’s Jakarta correspondent reports.
Business ties between Papua New Guinea and Japan have strengthened following last week’s visit to the country by Japanese Prime Minister Shinzo Abe. Business Advantage PNG discusses the significance of the visit with the Lowy Institute’s Jenny Haywood-Jones.
The Pacific’s increasing integration with Asia, elections in Fiji and more leadership from Papua New Guinea are just some of the factors likely to shape the region over the coming year, according to the region’s three top bankers. In exclusive interviews with all three, Business Advantage PNG canvasses their thoughts on the year ahead.
Despite cuts to foreign aid spending in this year’s Australian Federal budget, released this week, Papua New Guinea will gain an extra A$59 million (K155 million) and regional programmes also stand out as the beneficiaries from this year’s budget, according to analysts.