Government plans to build and open five new highways, Milbank launches women-only credit card, and PNG Power to upgrade two projects in Eastern Highlands and East New Britain. Your weekly digest of the latest business news.
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The latest business news from Papua New Guinea and the region
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.
Oil Search’s strong result, PNG Power promises, and a loan agreement for Crater Gold Mining. Your weekly digest of the latest business news.
Papua New Guinea’s Treasurer Charles Abel says Papua New Guinea needs to take a staged approach to integration with the global economy in order to avoid being taken advantage of. Speaking at an APEC discussion forum at the University of PNG, he said recent experience suggests the nation’s foreign exchange markets may be too open.
Papua New Guinea’s Coffee Industry Corporation is working on a new 10-year strategy. Steven Tumae, General Manager of Industry and Operations at the CIC tells Business Advantage PNG that the new strategy is necessary to address problems in what is a deteriorating industry sector.
The development of micro and small and medium sized businesses (MSMEs) in Papua New Guinea requires innovation, cheaper internet access, embracing a digital economy and creating hubs for sharing ideas, entrepreneurs told an APEC discussion forum in Lae. They say without these elements the government’s goal of creating 500,000 SMEs by 2030 will not happen.
Kina expected to weaken, Total aims for transparency, and Air Niugini defers planned flights to Shanghai. A weekly digest of the latest business news.
Following the successful launch of Papua New Guinea’s first sovereign bond, the International Finance Corporation is intending to issue a AAA bond as part of its efforts to deepen the financial markets in Papua New Guinea. John Vivian, IFC’s Resident Representative for Papua New Guinea, tells Business Advantage PNG that it can also assist corporate funding.
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.
The Papua New Guinea government is planning to sharply increase its economic stimulus, according to the Medium Term Development Plan III. It envisions a ‘strategic shift’ in Budget allocations.