The hosting of the APEC Summit in Port Moresby in 2018 has sparked a flurry of investment in tourism infrastructure. It promises to kick start the country’s tourism industry as the nation’s capital gets more hotel rooms, airports are upgraded and a new tourism minister takes the helm.
Papua New Guinea’s first LNG project has transformed the country’s exporting landscape, with Japan overtaking Australia as its number one trading partner. China will also become a major source of funds, taking over from Australia and global lending agencies. But don’t expect the broader bilateral relationships to change quickly.
Business Advantage International’s PNG 100 CEO Survey of chief executives of Papua New Guinea’s biggest corporations has found that many business leaders struggled to meet their expectations for profits in 2015. Only 4 per cent exceeded what they expected. But despite the tough times last year, the mood is cautiously optimistic.
Global and domestic factors have combined to slow Papua New Guinea’s economy. However, as Andrew Wilkins discovers, the Pacific nation’s business leaders are still confident about its future prospects.
Boosting business literacy skills and opening up access to markets are at the heart of a successful SMEs policy for PNG, two influential business leaders tell Business Advantage PNG.
Papua New Guinea’s cocoa industry is recovering from the pest, but the cocoa pod borer (CPB) still presents a major challenge and is unlikely ever to be fully eradicated, Cocoa Board of PNG project manager John Moxon tells Business Advantage PNG.
The launch of the country’s first master plan to develop the Small and Medium Sized Enterprise (SME) sector reflects a growing acknowledgment by Cabinet ministers that they need to grow sectors other than mining.
The latest feasibility study of the proposed Wafi-Golpu copper and gold project confirms ‘a robust investment case-one which supports proceeding with the project’, says joint venture partner.
The Chief Executive of the Papua New Guinea Forest Industries Association, Bob Tate, claims that PNG’s forestry sector is coming under increasing pressure. He points to a drop in demand from China, lower foreign capital investment and moves by the PNG government to lift industry turnover taxes.
Some of the world’s best cacao is growing in Papua New Guinea and is being increasingly used in the high-end global chocolate market. Susan Gough Henly reports on why one Australian chocolate maker uses only PNG beans.