Halfway through the building of its major liquefied natural gas project, Papua New Guinea finds itself in a strong fiscal position, but with some key challenges.
Features
Senior executives of Papua New Guinea’s largest businesses are predicting increased profits, investment and employment in 2012 in spite of major challenges, according to a major new survey.
Papua New Guinea is expected to remain the standout economy in the Pacific over the coming year, with its success having a knock-on effect on neighbouring Solomon Islands. Business Advantage summarises the outlook for the region’s larger economies.
Growth in the resources sector in Papua New Guinea is driving parallel growth in the businesses that provide mining operations with the services they need to function.
Papua New Guinea’s oil and gas sector continues to attract new entrants as its ExxonMobil-led PNG LNG liquefied natural gas project moves inexorably towards a production stage.
After strong performances in 2009 and 2010, the Port Moresby Stock Exchange (POMSoX) experienced a tough 2011, as did many bourses around the world.
Skills shortages are widespread in PNG, and likely to get worse in the short to medium term.
PNG veteran Peter Botten, Managing Director of Oil Search Limited, talks about the importance of engagement at a community level in Papua New Guinea.
Information and communications technology (ICT) reform in Papua New Guinea is not only delivering cheaper prices and stronger competition: it is also helping businesses devise a new generation of innovative services.
The skills crisis that Papua New Guinea is currently undergoing could pale into comparison over the next couple of decades if PNG’s escalating HIV/AIDS threat is not brought under control.