Digital technology and artificial intelligence is changing the way mining is conducted, according to Christiaan Heyning, a Partner at the consultants McKinsey & Company. But he warns that astute management is required to reap the benefits.
Industry sectors
The Australian Government has announced plans to set up an infrastructure bank as part of a A$3 billion suite of measures aimed at countering China’s influence in the southwest Pacific and lifting its own engagement in the region. Regional analysts say the funds need to go to Micro, Small to Medium Enterprises (MSMEs), as well as SMEs, and for small projects in remote areas.
The Executive Director of APEC, Alan Bollard tells Business Advantage PNG that finding digital solutions that suit Papua New Guinea has been a focus of APEC discussions. Trust and integrity will be key factors in implementation.
Oil and LNG prices have shown weakness but coffee is up. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Papua New Guinea’s Coffee Industry Corporation is working on a new 10-year strategy. Steven Tumae, General Manager of Industry and Operations at the CIC tells Business Advantage PNG that the new strategy is necessary to address problems in what is a deteriorating industry sector.
The Coral Seas Cable System—the undersea fibreoptic cable to be laid between Sydney and Port Moresby, and then to the Solomon Islands—will transform telecommunications in the two Pacific countries. Here we answer 10 key questions about this keenly anticipated project.
New Britain Palm Oil has turned its philosophy of sustainable production into profits, according to Ian Orrell, Group Head of Sustainability. Speaking at the Business Advantage PNG Investment Conference in Brisbane, he warned of the need to improve the palm oil industry’s global reputation.
The development of micro and small and medium sized businesses (MSMEs) in Papua New Guinea requires innovation, cheaper internet access, embracing a digital economy and creating hubs for sharing ideas, entrepreneurs told an APEC discussion forum in Lae. They say without these elements the government’s goal of creating 500,000 SMEs by 2030 will not happen.
Following the successful launch of Papua New Guinea’s first sovereign bond, the International Finance Corporation is intending to issue a AAA bond as part of its efforts to deepen the financial markets in Papua New Guinea. John Vivian, IFC’s Resident Representative for Papua New Guinea, tells Business Advantage PNG that it can also assist corporate funding.
Papua New Guinea has significant opportunities for employment and foreign exchange from its fisheries, but only if it can develop the necessary policies and infrastructure. That was the conclusion from meetings of the APEC Business Advisory Council (ABAC).