The fourth Extractive Industries Transparency Initiative (EITI) report, compiled by consultants Ernst & Young, shows that the sector dominates exports and is a major part of the nation’s GDP, but it is less of a contributor to employment and government revenue.
Oil prices continue their rise but LNG prices have eased. Cocoa and palm oil prices are slightly stronger. Business Advantage PNG’s monthly overview of commodity and financial markets.
With the focus on major resources projects, Papua New Guinea is missing the opportunity to develop a thriving agri-tourism sector, Papua New Guinea Women in Agricultural Development Foundation (PNGWiADF) President, Maria Linibi tells Business Advantage PNG.
Foreign exchange issues will continue in the short term according to Robin Fleming, Chief Executive of Bank South Pacific [BSP]. But he tells Business Advantage PNG that there are better longer-term prospects and that Papua New Guinea’s biggest bank is thriving in a challenging economic environment.
Perth-based explorer Kalia Ltd has begun geological surveys on its two licence areas, after winning exploration licences under the new Bougainville Mining Act. Managing Director Terry Larkan tells Business Advantage PNG that, while the licence areas’ resources are unknown, the licences have ‘the right address’.
The long commodity bear market is coming to an end, according to Richard Yetsenga, Chief Economist for the ANZ Banking Group. He also observes that, in a world growing more sceptical about globalisation, there is growing competition for foreign direct investment.
It may not have involved rocket science, but Hargy Oil Palms Ltd has experienced significant success in boosting palm oil yields in West New Britain. But Chief Executive Graham King believes the success of agriculture in PNG will ultimately depend on secure land tenure and foreign investment.
Papua New Guinea manufacturer Pacific Foam is celebrating its 40th year of operation in the country. Business Advantage PNG talks to Chairman Nihal Shah about the company’s history and its vision for the future.
As Papua New Guinea business gets back to work, Business Advantage PNG’s Andrew Wilkins looks at some of the issues coming up in 2018. With APEC coming to Port Moresby and a second LNG project in the offing, this is a year when PNG is going to be the subject of international attention.
While tourism is the mainstay of the Fiji economy, policymakers want to broaden the country’s income sources. Fiji’s Consul-General and Trade Commissioner to Australia, Zarak Khan says opportunities lie with business services, agriculture, forestry, textiles and renewables.