Raymond Chin, Managing Director of CHM Group, tells Business Advantage PNG that when he started two businesses, one was a hobby and the other ‘real’. He was in for a surprise.
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Running a manufacturing business in Papua New Guinea is like being a farmer, Managing Director of SP Brewery, Stan Joyce, tells Business Advantage PNG. There are good years and there are difficult years.
The new Stanley Hotel in Port Moresby will operate on a scale not seen before in Papua New Guinea, General Manager Geoff Haigh tells Business Advantage PNG. He says once all stages of the project are completed customers will not have to leave.
Glenn Dunstan has joined PNG Air as Manager of Service Delivery. Dunstan has worked with a number of resource sector companies, including ExxonMobil PNG.
Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
The proposed amendments to Papua New Guinea’s Land Act are a cause for concern, argues the Institute of National Affairs’s Paul Barker. He says, if implemented, the legislation would scare off foreign investors at a time when the Government is looking for capital to encourage economic diversification.
Economic conditions in Papua New Guinea may be challenging but Michael Kingston, Chief Executive of diversified manufacturer K K Kingston, tells Business Advantage PNG that the company’s diversified operations give it some strategic options. He also says a weaker exchange rate may also open up opportunities.
During May, forums were run in Port Moresby, Lae, Mt Hagen and Kokopo to solicit public responses to the Papua New Guinea government’s new land bill. The intent of the new bill is to protect the rights of customary landowners, by extinguishing any State leases, mortgages or sub-leases held by non-citizens. But the consequences for PNG industry and the economy could be dire, some observers are saying.
The minimum wage in PNG will rise to K3.50 an hour from 1 July, from the current rate of K3.36.
Difficult economic conditions can be a time for committed companies to expand market share and establish themselves for the long term. Mikael Ruben, Managing Director of paint manufacturer AkzoNobel tells Business Advantage PNG his company sees the need to remain aggressive in Papua New Guinea.