Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
Economic conditions in Papua New Guinea may be challenging but Michael Kingston, Chief Executive of diversified manufacturer K K Kingston, tells Business Advantage PNG that the company’s diversified operations give it some strategic options. He also says a weaker exchange rate may also open up opportunities.
Difficult economic conditions can be a time for committed companies to expand market share and establish themselves for the long term. Mikael Ruben, Managing Director of paint manufacturer AkzoNobel tells Business Advantage PNG his company sees the need to remain aggressive in Papua New Guinea.
Traditionally a producer of beverages, spirits, liquors, juices and coffee, Vitis Industries is now producing its own range of beers. Already two are on the market, with another five about to go on sale.
With Papua New Guinea’s soon-to-be-completed National Transmission Network likely to bring improved internet speeds and reliability by the end of the year more PNG companies are expected to explore the possibility of selling goods and services online. Andrew Wilkins looks at the potential for ecommerce.
Financial institution Moni Plus is preparing to list on the Singapore Stock Exchange. Managing Director David Kelso tells Business Advantage PNG that the company intends to expand its shareholder base and move into new markets.
The search for new business avenues sees Port Moresby’s Collins Shipping teaming up with Chinese maritime researchers to do a voyage to the bottom of the sea. And there’s the prospect of a new adventure tourism activity. Kevin McQuillan reports
Oil Search, Papua New Guinea’s biggest company and largest non-government employer, looks set to consolidate its position as a major player in the Asia Pacific oil and gas market with its $US2.2 billion purchase of InterOil. Chief Executive of Oil Search, Peter Botten, says it will allow the company to be ‘hugely influential in the further development of our world class PNG LNG and Papua LNG assets.’
The key to boosting the use of mobile phone banking services in the Pacific is ‘trust’ in the system, particularly as mobile phone providers themselves begin providing financial services, according to a new report by the Asian Development Bank (ADB).
PanAust has released its feasibility study into the Frieda River mine in Sandaun Province, claiming it is ‘one of the largest undeveloped copper-gold deposits in the world’, with an initial 17-year mine life. The company’s intention is to take a staged approach to development.