Papua New Guinea has significant opportunities for employment and foreign exchange from its fisheries, but only if it can develop the necessary policies and infrastructure. That was the conclusion from meetings of the APEC Business Advisory Council (ABAC).
Board resignation
Visa suspensions to hit tourism, rice imports slammed, and a coal power plant proposed for Lae. Your weekly digest of the latest business news.
The forestry sector is keeping a close eye on the US-China trade war, which has created uncertainty in the market, according to Bob Tate, Executive Director of the Papua New Guinea Forestry Industry Association. He told Business Advantage PNG China remains PNG’s dominant export market.
An appointment at Axiom Mining
Abel on economic integration, renewable energy transition by 2050 and a K2m commitment to revive Goilala coffee. Your weekly digest of the latest business news.
Lae businesspeople have told a Customs Department forum they are deeply concerned about some importers abusing the system by under-reporting the value of their imports, or simply not declaring them. Lae Chamber of Commerce Executive member Keith Kingston says another issue highlighted was trade in counterfeit goods.
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.
The US$500 million sovereign bond raising will improve foreign exchange cash flows, according to Robin Fleming, Chief Executive of Bank South Pacific. He tells Business Advantage PNG that it represents an ‘important milestone’ for Papua New Guinea’s financial system.
A study by the International Finance Corporation has found that for the first six months of the year, there were 34,600 tourist visitors to Papua New Guinea. They spent a total of US$78 million (K260 million), which was an average of US$2262 (K7529) per trip.