By the time of the APEC Summit in 2018, Port Moresby could have as many as 2590 high-end hotel rooms, and conference capacity for many thousands. Hoteliers tell Business Advantage PNG that the increase in scale and quality means the capital could become a world-class regional conference venue.
The potential for improved financial and other services delivered via the internet in Papua New Guinea is high, the nation’s top bankers tell Business Advantage PNG. But costs have to fall first.
Demand for residential houses among the growing urban population, especially in Port Moresby, has increased but the supply of quality and affordable houses has seen prices rise ‘exhorbitantly’, according to a new survey of the housing market by consultancy Niugini Land and Property.
The effect of the government’s proposed rice policy will basically ‘shut us down’, says Greg Worthington-Eyre, CEO of the country’s main rice importer and producer, Trukai Industries. His warning follows a prediction of price rises by the Independent Consumer and Competition Commission, and a warning by the Australian government the policy could breach WTO rules.
Port Moresby’s newest hotel, the Stanley, opened in July in central Waigani. It is Papua New Guinea’s biggest hotel and one of the largest in the Southern Hemisphere. Grace Maribu takes a look.
The greatest challenge facing Papua New Guinea’s financial system and businesses is to establish saving in the country’s mostly unbanked population. That is the message from three of the country’s top bankers.
Papua New Guinea’s top bankers discuss the kina, foreign exchange shortages, finance for business and the future of banking services.
The recruitment market in Papua New Guinea has been affected by the economic downturn. Business Advantage PNG asks Calum Smith, Vice President of Australasia for international workforce solutions provider Airswift how the market is changing.
Palm oil was the biggest mover in the month, while gold, coffee and oil prices remain strong. Gas prices, however, continue to be weak and in the currency markets, the kina continues its slide against the yen. Business Advantage PNG’s monthly overview of commodity and financial markets.
The government of Bougainville wants to put the operation of the giant Panguna copper mine out to international tender as soon as possible, President John Momis tells Business Advantage PNG. But key considerations, including the exploration licence, the equity structure, landowner rights and dividends and the rehabilitation of the mine must be decided first.