The Papua New Guinea government has released its Supplementary Budget to adjust to ‘tough’ economic conditions. It assumes lower economic growth, a weaker exchange rate and higher inflation.
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The recruitment market in Papua New Guinea has been affected by the economic downturn. Business Advantage PNG asks Calum Smith, Vice President of Australasia for international workforce solutions provider Airswift how the market is changing.
Palm oil was the biggest mover in the month, while gold, coffee and oil prices remain strong. Gas prices, however, continue to be weak and in the currency markets, the kina continues its slide against the yen. Business Advantage PNG’s monthly overview of commodity and financial markets.
The government of Bougainville wants to put the operation of the giant Panguna copper mine out to international tender as soon as possible, President John Momis tells Business Advantage PNG. But key considerations, including the exploration licence, the equity structure, landowner rights and dividends and the rehabilitation of the mine must be decided first.
The economic and financial stresses being experienced in the PNG economy are in part due to the narrowness of the industry base, according to a report by the Asian Development Bank. There is a compelling argument for industry diversification; Chey Scovell of the Manufacturers Council says the focus should be on creating stable employment.
The Papua New Guinea Government has passed the Cybercrime Bill, which applies to the use of electronic systems and devices, including: spam, hacking, forgery and computer fraud. Zinnia Dawidi, a lawyer specializing in IT & Telecommunications Law, outlines the implications for businesses and individuals.
The rollout of PNG’s National Transmission Network is on track for completion later this year. It will transform the nation’s digital highway, but that does not mean there will not be challenges, telecommunications analyst Henry Lancaster tells Business Advantage PNG.
In a bid to promote skills formation in Papua New Guinea’s LNG sector Kumul Petroleum Academy, trading as South Pacific Employment Institute (SPEI), has signed a K9 million technician development agreement with ExxonMobil PNG.
Business Advantage International has announced the date for its next major PNG investment conference. The Business Advantage Papua New Guinea Investment Summit will be staged in Sydney in September 2017.
For the first time the uniforms of Papua New Guinea’s Olympic athletes have been fully made locally by a PNG-owned company. That company is Wantok Clothing and founder Genevieve Igara tells Business Advantage PNG that it has shown what is possible.