While tourism is the mainstay of the Fiji economy, policymakers want to broaden the country’s income sources. Fiji’s Consul-General and Trade Commissioner to Australia, Zarak Khan says opportunities lie with business services, agriculture, forestry, textiles and renewables.
Conducting stevedoring transactions in US dollars instead of kina is an opportunity to get in much-needed foreign exchange, according to Ted Muttiah, Director, Asia Pacific, for ICTSI South Pacific. He tells Business Advantage PNG the company, which has been appointed to manage new ports at Motukea and Lae, is aiming high.
The Solomon Islands economy has experienced steady growth over the last two years. Derek Aihari, Director of InvestSolomons tells Business Advantage PNG that the country is looking to develop its already close links to Papua New Guinea.
Looking to invest successfully in the Pacific? There’s no substitute for understanding your market and its people, and for being on the ground. Three successful regional investors also outlined to the Business Investment PNG Conference which sectors have the most potential.
A shift in the resources industry is expected, with demand for more “exotic” minerals increasing. But Justin Smirk, Senior Economist at Westpac Institutional Bank tells Business Advantage PNG that industry players must apply a long-term and holistic approach to reap the benefits.
There are compelling reasons to boost Papua New Guinea’s agriculture sector, according to two executives in Innovative Agro Industry. It can reduce reliance on imports and provide jobs to a country full of dedicated farmers.
With its longstanding dispute with Australia over the Timor Sea resolved, neighbouring Timor-Leste looks set to expand its petroleum and mineral industries. Meanwhile, its government is actively seeking investors in agriculture and fisheries, tourism and services, according to Abel Guterres, Timor-Leste Ambassador to Australia.
The copper price has increased by about a quarter in 2017, although it is still below its 2013 highs. Stephen Howes, Director of the Development Policy Centre at ANU tells Business Advantage PNG that the boost in the copper price is important for Papua New Guinea, in particular, Ok Tedi.
Which are Papua New Guinea’s favourite websites? While it’s no surprise that Google and Facebook dominate, Business Advantage PNG’s analysis of web rankings data suggests local content is holding its own.
Albert Schram, Vice-Chancellor of the University of Technology (Unitech) in Lae, tells Business Advantage PNG that the institution is undergoing a broad ‘cultural change’. The aim is to create closer ties with business in order to produce better qualified graduates.