Research by the Fraser Institute shows that Papua New Guinea rates ahead of several Australian states for attractiveness for mining investment. Gavin Wendt, Founding Director of resource analyst Minelife, says statements from Kumul Mineral Holdings’ Chairman Peter Graham that it will invest in upcoming projects are also a positive for foreign investors.
Copper has weakened, but oil and gas prices are showing strength. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets.
A second major port in Papua New Guinea is expected to be completed in late 2019, says PNG Ports Corporation Managing Director, Stanley Alphonse. He tells Business Advantage PNG the K350 million project will include the greater Lae Tidal Basin Project and the Huon Industrial Park development in Lae.
Many businesses in Papua New Guinea are using the slow economic conditions to upgrade their computer systems, according to Steve Hillyard, General Manager in PNG for Pronto Software. He tells Business Advantage PNG that there is a reluctance to use cloud computing, however, due to network infrastructure reliability.
Papua New Guinea has some ambitious plans to expand its population’s access to electricity. However, boosting electricity supply across the country requires ‘some very clever thinking,’ say energy analysts.
The Governor of the Bank of Papua New Guinea, Loi Bakani, has told an APEC conference on improving financial literacy that the use of mobile phones for financial services is increasing sharply. But he said there is a need to strengthen consumer digital financial literacy and awareness in the country.
As Papua New Guinea moves into an era driven by technology, both business and the role of women in business are being transformed, Mollina Kapal tells Business Advantage PNG.
Treasurer Charles Abel said the rise of China is creating opportunities for Papua New Guinea. But he also pointed to potential risks and a need to develop PNG’s relationship with Australia.
According to the Asian Development Bank’s May 2018 update, contracts for the US$800 million (K2.5 billion) multi-tranche funding to rehabilitate Papua New Guinea’s 430km highlands highway will be awarded between August and September.
Improved access to finance could the rapid development of solar power, according to Jon Pittar, Managing Director of solar provider, Solar Solutions PNG. If the government is to achieve its energy goal of giving access to power to 70 per cent of the population by 2030, he believes solar-powered systems must be provided to rural communities.