Despite being the biggest Pacific nation, PNG is lagging behind its neighbours, holding only 10% of the regional tourism market, says the Governor of the Bank of Papua New Guinea, Loi Bakani. And on a global scale, PNG ranks last in terms of benefitting economically from tourism.
Native advertising has come of age. That was the message from Native Advertising seminar at the 2015 World Publishing Expo in Hamburg.
The suspension of a second mine in Papua New Guinea has highlighted the impact of the El Nino drought, which is also severely affecting the agriculture industry. Just how long the drought continues for will determine the long-term effects, according to Paul Barker, the Executive Director of the Institute of National Affairs.
Pacific International Hospital, Papua New Guinea’s only private hospital offering advanced tertiary healthcare, continues to introduce medical treatment not previously available in the country at its new facility in Port Moresby. CEO Dr Amyna Sultan told Business Advantage PNG that the PIH is now focused on making this treatment more affordable for average families.
Work began this month to develop the Paga Hill Estate, at the iconic headland of Papua New Guinea’s capital city, Port Moresby. The development’s architect Paul Gallagher tells Business Advantage PNG the project will transform Port Moresby’s infrastructure and public accessibility.
A World Bank report says Papua New Guinea government spending should be curbed to avoid a possible ballooning budget deficit.
For more than 30 years, Finkewe Zurecnuoc has been a trailblazer for female engineers in Papua New Guinea. The PNG Power board member is now focusing on using her professional experience to help improve accessibility to power in remote areas.
International ratings agency Standard and Poor’s has revised its outlook for Papua New Guinea from ‘stable’ to ‘negative’. While maintaining PNG’s B+/B rating, S&P’s Director of Sovereign & Public Finance Ratings explains to Business Advantage PNG why there’s a one-in-three chance the rating could be lowered in the next 12 months.
Australian businesses eager to earn a dollar in Papua New Guinea should understand they need to be seen as committed long-term to the market to be successful, says Australia’s Senior Trade Commissioner to PNG, David Knapton.
As Papua New Guinea’s business community continues to face foreign exchange shortages, ANZ Bank has called for a relaxation of the enforced trading band for the kina. Meanwhile, analysts say the kina is facing further downward pressure from the US dollar.