Mastercard is working with its banking partners to introduce smart card chip technology and contactless payments to Papua New Guinea (PNG). Craig Kirkland, Director of Pacific Islands for Mastercard talks to Business Advantage PNG about this technology and why PNG is an important market for the company.
The success of a new Uber-style approach to providing secure people transport in Port Moresby will see the concept rolled out across Papua New Guinea next year, says Black Swan International CEO Brian Kelly. He tells Business Advantage PNG the upmarket service has hit a chord with business people.
Papua New Guinea’s Prime Minister, Peter O’Neill, told the PNG Mining and Petroleum Conference yesterday that there would be no new taxes for the resources sector. Meanwhile, presentations by the major industry players suggest the next 12 months will be critical in determining the future growth of the sector.
Oil and gas prices are up and copper is also strong. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets comes to you from this week’s PNG Mining and Petroleum Conference in Port Moresby.
Prime Minister Peter O’Neill and his Agriculture Minister, Benny Allen, have promised to boost access to credit for agricultural projects, develop import substitution and strengthen agricultural institutions. They were addressing the country’s inaugural National Agriculture Summit in Port Moresby this week.
The Prime Minister of Australia, Malcolm Turnbull and the Prime Minister of Papua New Guinea, Peter O’Neill have announced they will be working together to lay a new undersea high speed telecommunications cable from Australia to Port Moresby. The move is expected to contribute to closer economic integration between the two neighbouring countries.
Oil Search may look to list its power business on the Papua New Guinea stock exchange, Peter Botten, Managing Director of Oil Search tells Business Advantage PNG. He says that in 10 years he hopes the company’s production will have tripled.
The National Central District has launched an urban development program, which will run into the middle of next year. Governor of Port Moresby, Powes Parkop, said he will be looking to upgrade Port Moresby’s settlements and explore ways to offer residents title.
A shift in the resources industry is expected, with demand for more “exotic” minerals increasing. But Justin Smirk, Senior Economist at Westpac Institutional Bank tells Business Advantage PNG that industry players must apply a long-term and holistic approach to reap the benefits.
The General Manager of Port Moresby’s Airways Hotel, Sushil Gordon, tells Business Advantage PNG that increased competition will be a boost to Papua New Guinea’s whole hospitality sector. He says next year’s APEC meeting represents a great opportunity.