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.
Managing Director of manufacturing and construction company Rhodes, Emanuel Papas, tells Business Advantage PNG that operating a business in Papua New Guinea requires a distinct set of managerial skills. He lists seven things his business has done to ensure success.
The US$500 million sovereign bond raising will improve foreign exchange cash flows, according to Robin Fleming, Chief Executive of Bank South Pacific. He tells Business Advantage PNG that it represents an ‘important milestone’ for Papua New Guinea’s financial system.
A study by the International Finance Corporation has found that for the first six months of the year, there were 34,600 tourist visitors to Papua New Guinea. They spent a total of US$78 million (K260 million), which was an average of US$2262 (K7529) per trip.
The success of Papua New Guinea’s first US$500 million bond issue will depend on the government’s spending focus, according to Paul Barker, Director of PNG’s economics research think tank, the Institute of National Affairs. He tells Business Advantage PNG that the private sector has to get access to foreign exchange because of extended delays.
The Regional Director of Digicel Pacific, Paul Statham, says the company has ‘aggressive’ plans to expand its offerings when the submarine fibre cable from Australia to Papua New Guinea is built. He says these innovations will especially benefit business.
In an interview with Business Advantage PNG’s Andrew Wilkins, the Prime Minister Peter O’Neill says he is looking for deals in LNG and mining projects that will benefit all parties. In the first of a two part series, O’Neill says his government is investing to diversify the economy.
The Asian Development Bank will start redeveloping the entire Highlands Highway simultaneously rather than doing it in sections, according to David Hill, Country Director for the ADB. He outlined the ADB’s focus on improving both physical and digital connectivity in Papua New Guinea.
A report by consultancy McKinsey & Co. says activity in mining is strengthening globally. But it identifies nine mistakes in the downturn that should be avoided.
Dame Meg Taylor Secretary General of the Pacific Islands Forum Secretariat argues that the Pacific region is at a critical juncture in its history. She argues that because of political ‘jousting’ there ‘has never been a more important nor opportune time’ to act as one Blue Pacific continent.