The European Investment Bank has received a mandate from the European Union to invest in infrastructure projects in the Pacific, including in Papua New Guinea. Head of the EIB’s Pacific Regional Office, Adam Bruun explains to Business Advantage PNG some of the priorities and operational practices of the Bank.
While it is adapting to increased competition and quieter market conditions at home, PNG’s largest finance company, Credit Corporation, is not standing still. Chief Executive Tor Bowen tells Business Advantage PNG that the company will open its first South East Asian operation, in neighbouring Timor Leste.
A new development on the Papua New Guinea University of Technology’s campus in Lae will give PNG’s second city its first shopping mall. Vice-Chancellor Dr Albert Schram tells Business Advantage PNG the plan includes housing, shops, banks and business offices.
Kennedy Wemin, the Chief Executive of Melanesian Trustee Services limited (MTSL), Trustee and Interim Manager of Papua New Guinea’s unit trust fund, Pacific Balanced Fund (PBF) tells Business Advantage PNG that the difficult economic conditions create opportunities as well as challenges. He outlines some of the fund’s future options.
Papua New Guinea’s foreign exchange problems are a symptom of an overly narrow industry base, according to a new report by the Business Council of PNG. It says the new government also needs to look at widening the tax base and improving infrastructure.
Which are Papua New Guinea’s favourite websites? While it’s no surprise that Google and Facebook dominate, Business Advantage PNG’s analysis of web rankings data suggests local content is holding its own.
The interests of commerce and environmentalism are being aligned on Papua New Guinea’s Huon Peninsula. Local villagers have become involved in saving tree kangaroos by growing coffee and selling it into the United States.
Oil prices have recovered and coffee and cocoa are both strong. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Funding the re-opening of the Panguna copper mine is a key concern for a newly-formed Joint Committee of landowners, BCL and governments, says Bougainville Governor, John Momis. Independent analysts believe it is likely to come from one of the global mining majors.
A simulated gas processing plant has arrived in Port Moresby for use at the new Kumul Petroleum Academy, and is due to begin operating by September.