Papua New Guinea has significant opportunities for employment and foreign exchange from its fisheries, but only if it can develop the necessary policies and infrastructure. That was the conclusion from meetings of the APEC Business Advisory Council (ABAC).
The forestry sector is keeping a close eye on the US-China trade war, which has created uncertainty in the market, according to Bob Tate, Executive Director of the Papua New Guinea Forestry Industry Association. He told Business Advantage PNG China remains PNG’s dominant export market.
Papua New Guinea could create attract significant investments and derive large revenues from a free trade zone, according to Tony Restall, President consultancy Development Services International. He says the necessary legislation is already in place.
Managing Director of manufacturing and construction company Rhodes, Emanuel Papas, tells Business Advantage PNG that operating a business in Papua New Guinea requires a distinct set of managerial skills. He lists seven things his business has done to ensure success.
Preparations for the APEC Leaders Week are going well, according to Alan Bollard, Executive Director of the APEC Secretariat. He tells Business Advantage PNG that the policy work is paying off and the logistical preparations are sound, but there are some tensions over trade.
The US$500 million sovereign bond raising will improve foreign exchange cash flows, according to Robin Fleming, Chief Executive of Bank South Pacific. He tells Business Advantage PNG that it represents an ‘important milestone’ for Papua New Guinea’s financial system.
A study by the International Finance Corporation has found that for the first six months of the year, there were 34,600 tourist visitors to Papua New Guinea. They spent a total of US$78 million (K260 million), which was an average of US$2262 (K7529) per trip.
The success of Papua New Guinea’s first US$500 million bond issue will depend on the government’s spending focus, according to Paul Barker, Director of PNG’s economics research think tank, the Institute of National Affairs. He tells Business Advantage PNG that the private sector has to get access to foreign exchange because of extended delays.
The PNG APEC Study Centre is to be officially opened next week at the National Research Institute. According to Dr Thomas Webster, Professorial Research Fellow at the NRI, the aim of the centre is to improve the understanding and enabling of innovation in Papua New Guinea.
In the second half of his exclusive conversation with Business Advantage PNG’s Andrew Wilkins, the Prime Minister Peter O’Neill says the policies developed at the APEC Leaders meeting will have a lasting impact on the country. He says APEC marks a unique opportunity to market PNG as an investment destination.