Leading financiers have called for better international marketing of the country’s financial system and assets. They told the Business Advantage Papua New Guinea Investment Conference, that it is an important step towards creating more mature financial markets.
With its longstanding dispute with Australia over the Timor Sea resolved, neighbouring Timor-Leste looks set to expand its petroleum and mineral industries. Meanwhile, its government is actively seeking investors in agriculture and fisheries, tourism and services, according to Abel Guterres, Timor-Leste Ambassador to Australia.
With letter volumes plunging, Post PNG is focusing on parcels and leveraging its strong national retail presence. Chief Executive Officer Peter Tepure tells Business Advantage PNG that the company’s new business strategy is built upon playing to its strengths.
A prestigious new Papua New Guinea travel publication aimed at boosting the country’s tourism sector has been announced by Business Advantage International, publisher of Air Niugini’s Paradise magazine.
The copper price has increased by about a quarter in 2017, although it is still below its 2013 highs. Stephen Howes, Director of the Development Policy Centre at ANU tells Business Advantage PNG that the boost in the copper price is important for Papua New Guinea, in particular, Ok Tedi.
Papua New Guinea’s Cocoa Board has launched a new farmers’ company to move small farmers from subsistence farming to running a small profitable business. The long-term aim of the new PNG Agriculture Company is to boost output, quality and farmer incomes, as Cocoa Board CEO Boto Gaupu explains.
The secrets to a successful business operation in Papua New Guinea are to form partnerships, stay ahead of the game and be the best in your field. But the key, says Stan Joyce, Managing Director of SP Brewery, is to take the long-term view.
PNG Government-owned company Kumul Petroleum Holdings has sold its 10 per cent stake in Oil Search, with KPH Managing Director Wapu Sonk reportedly saying it lost A$322 million (K812 m) on the sale. However, stockmarket analyst David Lennox says overall the country has benefited from the process.
Oil prices are likely to remain volatile and LNG prices may head lower due to complex shifts in supply and demand. Other commodities seem more likely to be on an upwards trend, but the picture is patchy.
To deal effectively with China it is best to target second tier cities, David Thomas, Chief Executive of Think Global Consulting, told the Business Advantage Papua New Guinea Investment Conference in Sydney. He said the country’s GDP and middle class will double in the next decade, profoundly altering the world economy.