There is growing concern in Papua New Guinea’s mining industry that changes to the Mining Act will discourage investment in the sector. The Executive Director of the PNG Chamber of Mines and Petroleum, Professor Albert Mellam, has said the mining sector is ‘strongly opposed’ to the revised Act.
Berry Mini, President of the Southern Highlands Chamber of Commerce, told Business Advantage PNG last Friday that there is an increased security presence in Mendi, particularly in front of key commercial and government buildings. The state of emergency is also affecting earthquake recovery supplies.
ANZ Bank and Kina Bank have announced they have entered into an agreement for ANZ to sell its retail and commercial/small-to-medium-sized enterprise (SME) banking businesses to Kina for K24.2 million. Both banks claim the move is in line with their strategies.
An K331 million undersea cable linking Papua New Guinea, Solomon Islands and Australia is expected to be up and running by the end of 2019. It follows concerns by Australian officials that if China’s Huawei telco built the project, it could access Australia’s telecommunications infrastructure, creating national security concerns.
Horticulture is one of Papua New Guinea’s most prospective industries. Nalau Bingeding reports on a grassroots enterprise that has the potential to grow in PNG.
Papua New Guinea has untapped leisure tourism potential, according to Marc Ehler, recently appointed Group General Manager of Coral Sea Hotels. After a busy APEC year, he tells Business Advantage PNG he is expecting greater competition in 2019.
Bonapas Onguglo has been working as a trade analyst at the United Nations Conference on Trade and Development (UNCTAD) since 1984, advising African governments how to expand their economies. He sees new opportunities in agribusiness and the ‘ocean economy’.
The Chief Executive of copper and gold producer Ok Tedi Mining, Peter Graham, believes the Papua New Guinean company will enjoy a ‘sweet spot’ in the next few years. He says efficiency gains have substantially improved the mine’s competitiveness.
The Chairman and founder of telecommunications company Digicel, Denis O’Brien, describes Papua New Guinea as a vibrant country that is a ‘fantastic location’ for investors. But he says the physical terrain also made it his company’s most challenging market.
Offshore investment by Papua New Guinea companies remains comparatively small, but there are opportunities. One banking executive suggests it as an important way local financial institutions can diversify.