The Prime Minister, Peter O’Neill, speaking at Business Advantage Papua New Guinea Investment Conference in Brisbane, said the mid-year assessment of the economy was better than anticipated. He said the growing investment interest in the Pacific from China, Australia and the United States is ‘healthy’.
Demand from the Asian region for natural gas will ensure that Papua New Guinea’s LNG industry remains robust in the medium term, David Lennox, xxz tells Business Advantage PNG. He says growing tensions about trade barriers may be beneficial for the country.
Treasurer Charles Abel said the rise of China is creating opportunities for Papua New Guinea. But he also pointed to potential risks and a need to develop PNG’s relationship with Australia.
New energy projects in the Asia Pacific are creating workforce challenges according to Calum Smith, Senior Vice President of Asia Pacific at HR consultancy, Airswift. In terms of roles, he says no other area in energy is growing as fast as renewables.
Neighbouring Solomon Islands has strong business ties with Papua New Guinea. Jay Bartlett, Chairman of the Solomon Islands Chamber of Commerce and Industry, tells Business Advantage PNG that the country has some positive prospects, especially with its new undersea telecommunications cable.
Tess Newton Cain, Anna Powles and Jose Sousa-Santos explain that China is increasing its aid and influence in the Pacific. They say a disciplined approach to co-operation is needed.
Major infrastructure upgrades, visits to Papua New Guinea’s region, and increased efforts to liberalise trade across the region are part of this year’s APEC Leaders’ Meeting in Port Moresby. Officials claim that the nation will be well prepared to benefit from hosting the event.
Pacific Islands need to look for Pacific solutions to global warming, according to Meg Taylor DBE, Secretary General of the Pacific Islands Forum Secretariat. The aim should be resilience.
APEC’s focus will be on the services trade and the digital economy, Alan Bollard, Executive Director of the APEC Secretariat, told the Australia Papua New Guinea Business Forum and Trade Expo in Brisbane last week. He said the APEC region now represents about half the world economy.
Accessing finance to develop land in Papua New Guinea is the biggest stumbling block to creating wealth, jobs and an economic base for future generations. In New Zealand, Maori economic development is forging ahead, with the active support of banks and investors. In the second of a two-part series, Kevin McQuillan examines NZ banks’ lending criteria.