PNGFP has been producing engineered wood products in Papua New Guinea for more than 70 years, but it recently discovered a new avenue for growth, as Managing Director Tony Honey tells Business Advantage PNG.
Forestry
Ground has been broken at the Ihu Special Economic Zone (ISEZ) in Papua New Guinea’s Gulf Province. Project Director Peter KenGemar says companies are already contemplating a move into the zone to take advantage of generous incentives.
A new opportunity has emerged for private and public organisations in Papua New Guinea and the Pacific seeking funds to develop new projects to mitigate climate change.
With the government keen to phase out round log exports, Executive Officer of the Papua New Guinea Forest Industries Association Bob Tate outlines the best strategy for developing the industry.
PNG Forest Products started as a forestry company but is also now a full-fledged power company too. Managing Director Tony Honey tells Business Advantage PNG how the company is expanding its manufacturing, increasing exports and handling growth.
The forestry sector is keeping a close eye on the US-China trade war, which has created uncertainty in the market, according to Bob Tate, Executive Director of the Papua New Guinea Forestry Industry Association. He told Business Advantage PNG China remains PNG’s dominant export market.
Papua New Guinea has opportunities in the emerging methods of capturing carbon, climate change expert Professor Tim Flannery told the Business Advantage Papua New Guinea Investment Conference in Brisbane. He pointed to forests, soil, marine and biomass as potential commercial areas.
A proposed timber processing facility near Lae is positioned to fill a niche and play an important role in the forestry industry’s future, according to Tony Bartlett, forestry research program manager at the Australian Centre for International Agricultural Research (ACIAR).
Forestry and timber company PNG Forest Products is expanding its diversification program as it prepares to build a fourth hydro power station. CEO Tony Honey tells Business Advantage PNG that its plan to build timber bridges and decking for export and domestic clients is also starting to get traction.
James Lau, Managing Director of Rimbunan Hijau Group tells Business Advantage PNG that he sees positive developments with hotels, agriculture, gold and the country’s preparations for the 2018 APEC meeting. But he says continuing weakness in commodity prices will limit Papua New Guinea’s growth in the short to medium-term.