In brief: Abel to present on economic integration, and other business news

Abel to present on economic integration, renewable energy transition by 2050 and a K2m commitment to revive Goilala coffee. Your weekly digest of the latest business news.

After successfully launching the sovereign bond issue, PNG Treasurer Charles Abel will give the keynote address in a session of the APEC Discussion Series next week on the topic Economic Integration In APEC And What’s In It For PNG. This is the first time that APEC has sought to bring the important discussions of the APEC meeting rooms to the wider public. The session is on Tuesday 16 October at the New Lecture Theatre at UPNG; registrations from 5pm. The session runs from 5.30pm to 6.30pm. Admission is free but please RSVP.

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APEC Haus is expected to open on October 18. Source: The National

In other APEC news, APEC Minister Justin Tkatchenko says APEC Haus will be opened next Thursday 18 October and handed over to the Government with all preparations set to go for the Leaders’ Summit next month. He told The National that PNG had met all the requirements of the 20 economies as required by their advance teams during their visit last week.

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The number of power providers in the country increased to nine following approval by the Independent Consumer and Competition Commission (ICCC) of a licence to Oil Search subsidiary Markham Valley Biomass. It will operate a 15 megawatt power station in Morobe province.

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Central Governor Robert Agarobe has committed K2 million for the revival of Goilala coffee. He also made a commitment to start introducing charter flights to service the remote rural airstrips in all the districts to bring in school supplies, food, and medicine for the teachers, health workers and public servants who work in the rural communities.

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Fisheries will still be the industry to talk about post-APEC, said chairman of the APEC Business Advisory Council Secretariat, Wayne Golding. He said this during an ABAC breakfast update meeting in Port Moresby last week.

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Australia’s Mayur Resources’ announcement of the signing of a memorandum of agreement for the development of the enviro energy park (EEP) power generation project in Lae allegedly aids PNG’s international energy benchmarks. Mayur said the project will help bring the Ramu grid up to international standards and help the government achieve its mandated electrification rate from 13 per cent to 70 per cent of the population by 2030.

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A new fish market to be built at Alotau will help the people of Milne Bay store and sell their produce and fish before returning to their villages at the end of the day, it has been claimed. National Fisheries Authority managing director John Kasu said work on the Alotau project was part of the Government’s coastal fisheries development program which will be funded by a grant from the Japanese Government.

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The commemorative K100 note will be launched on November 17. Source: Bank PNG

Bank of Papua New Guinea will launch a commemorative banknote to mark Asia-Pacific Economic Cooperation meeting in November 2018.  The K100 commemorative note will be launched on November 17 and circulated thereafter.

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The International Finance Corporation’s (IFC’s) US$3.4 billion investment in East Asia and the Pacific is aimed at developing infrastructure, steering green growth, and provide over half a million jobs.

‘In the face of countries’ limited public resources, the IFC has been actively looking for solutions to crowd in all possible sources of finance, innovation, and expertise to help meet their challenges,’ said Vivek Pathak, IFC’s Regional Director for East Asia and the Pacific.

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Big Rooster, the fast food business, could soon be opening in Alotau. The Deputy Prime Minister and Alotau MP Charles Abel invited Big Rooster owner Salim Chamadia to Alotau last week to see the town for himself and give consideration to expanding his fast food chain.

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Communications is one of the sectors that recorded rising costs, according to the Consumer Price Index for the June quarter of 2018. It showed that the communications group index had increased by 3.7 per cent in the quarter mainly due to price increases in internet rates (25 per cent). The cost of telephone prepaid and line services rose by 9.5 per cent.

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Photograph of the week

The Queen had some good advice for the Governor-General of Papua New Guinea when she finished knighting him, as seen in a new documentary Queen Of The World. When he started to talk to her, she quipped: ‘Turn around the other way, because that’s where the cameras are.’ Sir Robert Dadae, Governor-General of Papua New Guinea, described his joy at being knighted: ‘It is a dream for many people who commit their lives to serving people. Only very few get recognition.’ Source: Business Insider

 

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