Papua New Guinea’s largest motor dealer, Ela Motors, is planning further investment in Papua New Guinea as part of moves to bolster its already-strong position in the domestic vehicle market.
Industry sectors
Papua New Guinea has participated in its first report to the Extractive Industries Transparency Initiative (EITI), which is a global effort to improve transparency in resource rich countries to help them avoid the so-called ‘resource curse’.
Businesses in Morobe Province and Papua New Guinea will benefit immensely from the proposed Wafi-Golpu gold and copper mine, according to business leaders in Lae.
The latest feasibility study of the proposed Wafi-Golpu copper and gold project confirms ‘a robust investment case-one which supports proceeding with the project’, says joint venture partner.
The Chief Executive of the Papua New Guinea Forest Industries Association, Bob Tate, claims that PNG’s forestry sector is coming under increasing pressure. He points to a drop in demand from China, lower foreign capital investment and moves by the PNG government to lift industry turnover taxes.
Waste conversion company Landfill Energies is proposing to construct a plant in Port Moresby to turn municipal solid waste into electricity and diesel fuel. The company says it has a contract with PNG Power to provide electricity and intends to commence in early 2017.
Work on Lae’s Huon Industrial Park has been accelerated while stage two of the Lae Port development is on track to start by mid-2016, says Stanley Alphonse, the CEO of PNG Ports Corporation.
A four-year A$ 1.7 million (K3.6 million) project has begun to map out how to revive Papua New Guinea’s dormant sea cucumber industry.
Some of the world’s best cacao is growing in Papua New Guinea and is being increasingly used in the high-end global chocolate market. Susan Gough Henly reports on why one Australian chocolate maker uses only PNG beans.
Declining oil prices have prompted a review of Oil Search’s activities, even as production hit record levels in 2015. Nevertheless, Papua New Guinea’s largest company says it is generating positive cash-flows and will be making a priority of future investment in the PNG LNG and Papua LNG gas projects.