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.
As demand for electric cars gather pace, Papua New Guinea’s Ramu mine is perfectly placed to be a big provider of the nickel and cobalt, both essential ingredients for these hi-tech batteries. Craig Lennon, Managing Director of Highlands Pacific told the Business Advantage Papua New Guinea Investment Conference in Sydney that both commodities are hot.
Papua New Guinea businesses should expect income streams from October, 2017, as momentum builds towards the APEC summit in November, next year. The Director-General of the PNG APEC Authority, Sir Charles Lepani, told the Business Advantage Investment Summit in Sydney, towns outside Port Moresby will also benefit.
Mahesh Patel, the chairman of Kumul Telikom, told the Business Advantage Papua New Guinea Investment Conference that the newly formed entity is urgently looking to build an undersea cable to Sydney. He said the aim is to reduce wholesale price by two-thirds
The education of Papua New Guinea graduates needs to improve, says Scott Roberts, General Manager of human resources firm Rubicor Technical. He tells Business Advantage PNG that it will help address the problems of unemployment and under-employment or graduates.