APEC’s 21 Leaders gather in Port Moresby next week, the culmination of 10 months of officials’ meetings. Papua New Guinea’s APEC Ambassador, Ivan Pomaleu, tells Business Advantage PNG that making APEC useful for the country will require a long-term commitment.
The Prime Minister Peter O’Neill has announced that Heads of Agreements will be signed for the Wafi-Golpu mine and Papua LNG project, to coincide with the APEC Leaders Week. In a pep to talk to business last week, he emphasised the benefits of hosting APEC 2018.
The Coral Seas Cable System—the undersea fibreoptic cable to be laid between Sydney and Port Moresby, and then to the Solomon Islands—will transform telecommunications in the two Pacific countries. Here we answer 10 key questions about this keenly anticipated project.
In a little over three weeks, Papua New Guinea will host the annual APEC Economic Leaders Meeting, when 21 world leaders and 10,000 delegates including 2,000 media organisations arrive in Port Moresby. The Director-General of the APEC 2018 Coordinating Authority, Sir Charles Lepani, tells Business Advantage PNG he is confident of a lasting legacy.
Preparations for the APEC Leaders Week are going well, according to Alan Bollard, Executive Director of the APEC Secretariat. He tells Business Advantage PNG that the policy work is paying off and the logistical preparations are sound, but there are some tensions over trade.
A study by Pacific Trade Invest, the Pacific Islands Export Survey 2018, has found that 70 per cent of Pacific Island exporters expect to have an increase in orders over the next year. It found that Australia and New Zealand remain the two major markets outside the region, although there is growing interest in Asia.
Analysis of test results from a potentially new LNG find at the Barikewa-3 well in the Papua New Guinea Forelands is underway but it’s too early to say how that gas will be commercialised, according to well operator, Oil Search. Meanwhile, the signing of a long-term contract for gas from PNG with China confirms demand for gas from China will continue well into the 2020s.
The Government’s Mid-year Economic and Fiscal Outlook (MYEFO) statement has indicated that it is in the ‘advanced stages’ of negotiating the country’s first sovereign bond later this year. The strategy is being adopted to solve the nation’s foreign exchange shortages, but it does carry risks.
The two days before the APEC Leaders meeting have been declared national holidays in the National Capital District in Port Moresby, according to Chris Hawkins, the Chief Executive Officer of APEC Papua New Guinea. He told an APEC summit briefing that Papua New Guinea has advantages when it comes to hosting the big event.
Papua New Guinea has opportunities in the emerging methods of capturing carbon, climate change expert Professor Tim Flannery told the Business Advantage Papua New Guinea Investment Conference in Brisbane. He pointed to forests, soil, marine and biomass as potential commercial areas.