The Port Moresby Chamber of Commerce and Industry, Papua New Guinea’s largest business chamber, has a new Chief Executive Officer. In an exclusive interview with Business Advantage PNG, Stacey O’Nea shares her plans for the future.
Economy & Investment
Data costs are likely to fall by 80 per cent because of the Coral Sea Cable System, which is scheduled to be connected to Port Moresby later this year, according to Peter Williams, Chief Executive of Deloitte Digital. He believes Papua New Guinean businesses will have to rethink their approach to investment, hiring, management and technological roll out.
Oil prices have strengthened, but LNG prices have come off sharply. Copper has eased slightly. Business Advantage PNG’s monthly overview of commodity and financial markets.
The high speed Coral Sea Cable System, expected to be completed by the end of this year, will open up development possibilities for several Papua New Guinea industries. Laine Kidner, Chief Executive of data centre services company Connected South Pacific, outlines some of the outstanding opportunities to Business Advantage PNG.
The proposed Foreign Investment Regulatory Authority Act has been withdrawn, according to Papua New Guinea’s two largest Chambers of Commerce and Industry. They say that the Minister for Commerce & Industry, Wera Mori, would instead look to amend the Investment Promotion Act.
The Asian Development Bank is one of the largest international investors in Papua New Guinea, mainly in infrastructure. One of its six Vice-Presidents, Diwakar Gupta—who is responsible for Private Sector and Cofinancing Operations—tells Business Advantage PNG the bank also has funds to invest in PNG’s private sector—under certain conditions.
Business Advantage International has announced that KPMG will be the headline sponsor for its 2019 Business Advantage Papua New Guinea Investment Conference in Sydney on 19 and 20 August.
The Papua New Guinean economy is set to surge in 2019 and stabilize in subsequent years, according to a report by the World Bank. David James takes a closer look.
Oil prices have been strong, but LNG prices have weakened sharply. Oil palm and coffee prices have fallen, but cocoa prices are steady. Business Advantage PNG’s monthly overview of commodity and financial markets.
Business Advantage’s PNG 100 CEO Survey of chief executives in Papua New Guinea’s biggest companies found that last year’s profit expectations were ‘broadly met’ and that business leaders remain positive and confident in 2019.