Papua New Guinea’s Cocoa Board has launched a new farmers’ company to move small farmers from subsistence farming to running a small profitable business. The long-term aim of the new PNG Agriculture Company is to boost output, quality and farmer incomes, as Cocoa Board CEO Boto Gaupu explains.
Oil prices are likely to remain volatile and LNG prices may head lower due to complex shifts in supply and demand. Other commodities seem more likely to be on an upwards trend, but the picture is patchy.
To deal effectively with China it is best to target second tier cities, David Thomas, Chief Executive of Think Global Consulting, told the Business Advantage Papua New Guinea Investment Conference in Sydney. He said the country’s GDP and middle class will double in the next decade, profoundly altering the world economy.
Smartphone technology can transform the economy, futurist Mark Pesce told the Business Advantage Papua New Guinea Investment Conference in Sydney earlier this month. He painted a long-term picture in which digital technology will allow the country to reap the benefits of the post-industrial era.
The Papua New Guinea government will establish an equity fund to invest in the agriculture sector, according to Richard Maru, Minister for National Planning and Monitoring. He tells Business Advantage PNG that replacing food imports with domestic production is a priority.
Diversification of the Papua New Guinea economy is critical to maintaining economic growth according to Loi Bakani, the Governor of the Bank of Papua New Guinea. He told the PNG Investment Conference in Sydney that a particular area of concern is the high level of food imports.
A Papua New Guinea investment company is hoping to build two solar energy projects which will turn sea water into fresh water as well as extend the life of local fresh fruit and vegetables. PBF Agro Business General Manager Jerry Kootz Simon explains to Business Advantage PNG.
Oil prices have weakened, but copper has had an upwards run. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
A Sydney-based company is looking to provide a ‘better deal’ for Papua New Guinea coffee farmers, and hopes to develop markets in Australia, the US and China. But to do that, says Principal Pana Wiya, he needs a capital backer.
Papua New Guinea’s foreign exchange problems are a symptom of an overly narrow industry base, according to a new report by the Business Council of PNG. It says the new government also needs to look at widening the tax base and improving infrastructure.