Crowdfunding and a new listed fund are in the pipeline at Papua New Guinea’s stock exchange, PNGX, as it looks at new ways of grow the country’s capital markets and encourage SMEs.
Economy & Investment
Papua New Guinea’s Prime Minister, the Hon. James Marape MP, will make the opening address at the 2021 Business Advantage Papua New Guinea Investment Conference on the morning of Tuesday 7 September.
Earlier this month, Papua New Guinea’s government announced a ‘deed of agreement’ with Australian iron ore giant, Fortescue Metals Group, to develop renewable energy projects in PNG. Business Advantage PNG learns more about its plans from Julie Shuttleworth, CEO of subsidiary Fortescue Future Industries.
The World Bank has approved US$100 million (K352 million) in concessional funding to support Papua New Guinea in its response to COVID-19, and ‘lay important foundations for a sustainable recovery’. The funding will not be without risk, however.
Papua New Guinea’s currency, the kina, has been steady this year after weakening against a number of major currencies in late 2020. Should it be devalued further? We asked Jonathan Prince, Treasurer at Westpac PNG, to consider the consequences.
Recent developments in the Papua New Guinea’s resources sector should boost confidence, according to international ratings agency Fitch Solutions. Its latest outlook on the country, however, warns of ‘policy uncertainty and ongoing risks to social stability’.
The annual Business Advantage/Westpac PNG 100 CEO Survey has captured the depth of the COVID-19 crisis and the sense of uncertainty that exists among businesses in Papua New Guinea. Westpac’s Senior Economist Justin Smirk takes a closer look.
2021 promises to be a year like no other in Papua New Guinea, as business leaders look beyond the COVID-19 crisis to an economy preparing for a major transition. They share their expectations with Andrew Wilkins.
There are signs of optimism in the Papua New Guinea business community, according to a survey of market conditions by the Business Council of Papua New Guinea. It suggests that, while the pandemic has exacted a severe financial toll, businesses have now ‘settled’ and are navigating the challenges of the new environment.
Papua New Guinea’s economy will recover modestly in 2021 and 2022, but financial stresses will persist, says the Asian Development Bank’s Asian Development Outlook for 2021. It also argues strongly for the reform of PNG’s state-owned enterprises.