Papua New Guinea’s coffee industry needs to capitalise on the growing global demand for coffee, industry exporters and promoters tell Business Advantage PNG. They believe production improvements are essential to ensuring consistent quality.
Agribusiness
The holding company for Papua New Guinea’s state-owned enterprises, Kumul Consolidated Holdings, is making its first foray into agriculture, establishing a joint venture in East Sepik Province with Israel’s L R Group.
The effect of the government’s proposed rice policy will basically ‘shut us down’, says Greg Worthington-Eyre, CEO of the country’s main rice importer and producer, Trukai Industries. His warning follows a prediction of price rises by the Independent Consumer and Competition Commission, and a warning by the Australian government the policy could breach WTO rules.
Palm oil was the biggest mover in the month, while gold, coffee and oil prices remain strong. Gas prices, however, continue to be weak and in the currency markets, the kina continues its slide against the yen. Business Advantage PNG’s monthly overview of commodity and financial markets.
Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
Lifting the tax credit scheme to five per cent would see a big boost in road building and maintenance, according to the General Manager of West New Britain’s Hargy Oil Palms, Graham King.
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.
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.
Malaysia’s diversified Rimbunan Hijab Group is a major investor in Papua New Guinea. Managing Director James Lau talks to Business Advantage PNG about the company’s current construction projects, how its retail, agribusiness and forestry subsidiaries are performing, and the economic outlook for 2016.
A new ‘Bougainville Bar’ has gone on sale in New Zealand this month, marking an increased awareness by international chocolate makers of Papua New Guinea’s high quality cocoa. As Business Advantage PNG discovers, the project was made possible through a very modern form of capital raising: crowdfunding.