Papua New Guinea has opportunities in the emerging methods of capturing carbon, climate change expert Professor Tim Flannery told the Business Advantage Papua New Guinea Investment Conference in Brisbane. He pointed to forests, soil, marine and biomass as potential commercial areas.
After the successful launches of sustainable small businesses in Vanuatu and Samoa, a donor-funded private sector initiative is preparing to expand into Papua New Guinea. Anna Moegerlein from Melbourne’s The Difference Incubator explains the initiative to Business Advantage PNG.
A second major port in Papua New Guinea is expected to be completed in late 2019, says PNG Ports Corporation Managing Director, Stanley Alphonse. He tells Business Advantage PNG the K350 million project will include the greater Lae Tidal Basin Project and the Huon Industrial Park development in Lae.
Granting more land titles over plantation smallholdings and National Housing Corporation housing stock, and freeing up land locked up in over 20,000 unresolved deceased estates could provide a real boost to Papua New Guinea’s small and medium enterprise (SME) sector. Dr Charles Yala, Principal & Director of Niugini Land and Properties, is calling for the more effective transfer of outstanding titles.
Papua New Guinea has some ambitious plans to expand its population’s access to electricity. However, boosting electricity supply across the country requires ‘some very clever thinking,’ say energy analysts.
The Governor of the Bank of Papua New Guinea, Loi Bakani, has told an APEC conference on improving financial literacy that the use of mobile phones for financial services is increasing sharply. But he said there is a need to strengthen consumer digital financial literacy and awareness in the country.
The 2016 Paris Agreement, to which Papua New Guinea is a signatory, has committed governments across the globe to a low carbon future. What does that mean for business? Renowned climate expert Professor Tim Flannery tells Business Advantage PNG there will be enormous opportunities.
Treasurer Charles Abel said the rise of China is creating opportunities for Papua New Guinea. But he also pointed to potential risks and a need to develop PNG’s relationship with Australia.
According to the Asian Development Bank’s May 2018 update, contracts for the US$800 million (K2.5 billion) multi-tranche funding to rehabilitate Papua New Guinea’s 430km highlands highway will be awarded between August and September.
Improved access to finance could the rapid development of solar power, according to Jon Pittar, Managing Director of solar provider, Solar Solutions PNG. If the government is to achieve its energy goal of giving access to power to 70 per cent of the population by 2030, he believes solar-powered systems must be provided to rural communities.