The latest business news from Papua New Guinea and the region
Now is the time to focus on restarting foreign investment in Papua New Guinea, says Clarence Hoot, Managing Director of the country’s Investment Promotion Authority. He tells Business Advantage PNG the IPA’s priorities for the year ahead, which include getting new foreign investment laws through Parliament.
Bank South Pacific has just announced its 2020 financial results amid tough trading conditions. CEO Robin Fleming talks to us about the bank’s plans for 2021, foreign exchange shortages, and the need for greater competition.
The recent spike in COVID-19 cases in Papua New Guinea has emphasized the need for COVID-19 vaccines in the country – and the first shipment of AstraZeneca (Oxford) vaccines is expected as early as this month.
Ok Tedi Mining suspends flight to Australia after three miners tested positive to COVID-19, Papua New Guinea continues to battle surge in COVID cases and National Fisheries Authority signs agreement for Daru fishery.
Papua New Guinea is ranked as the tenth worst destination for investment in mining, according to the Fraser Institute’s Survey of Mining Companies 2020. Infrastructure and security were nominated as areas of particular concern.
Two weeks of national mourning declared after Papua New Guinea’s longest-serving Prime Minister Michael Somare passed away, Ihu Special Economic Zone enters second phase of development and PNG’s exports to China.
Papua New Guinea has been dealing with a ’triple crisis’, according to Ilyas Sarsenov, Country Economist for the World Bank in PNG. Speaking at a Business Advantage PNG online briefing, he said that the economy has fallen well below previous growth forecasts.
Newcrest Mining says it can ‘unlock significant value’ at Lihir, Papua New Guinea’s biggest gold mine. David James takes a closer look at a mine forecast to produce over a million ounces a year.
A surge of COVID-19 cases in Papua New Guinea, Oil Search posts major loss and NEC endorses the National Energy Authority Bill 2020. The midweek business news, curated for you by Business Advantage PNG.
Papua New Guinea is experiencing similar stresses to other economies in the Pacific region due to the impact of COVID-19. Two reports, by the Asian Development Bank and Pacific Trade Invest, highlight both the impacts and a way to recovery.