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

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

Tourism study reveals visitors to Papua New Guinea spent K260 million in first half of year

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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.

Companies investing locally this year but will switch to starting up new operations next year, according to round table

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Companies are reducing the size of the businesses, now using excess capital to acquire domestically but may be switching to starting up operations next year. They were some of the observations in a round table discussion on Papua New Guinea’s investment environment at the Business Advantage Invest Forum in Brisbane.

Improving access to finance the key to solar power expansion in Papua New Guinea

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Improved access to finance could the rapid development of solar power, according to Jon Pittar, Managing Director of solar provider, Solar Solutions PNG. If the government is to achieve its energy goal of giving access to power to 70 per cent of the population by 2030, he believes solar-powered systems must be provided to rural communities.

Local knowledge and ‘being there’ critical for business success in the Pacific region

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Looking to invest successfully in the Pacific? There’s no substitute for understanding your market and its people, and for being on the ground. Three successful regional investors also outlined to the Business Investment PNG Conference which sectors have the most potential.

In brief: Tourism brings in only US$105 million in the first half of 2017, and other business stories

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Tourism brings in only US$105 million in the first half of 2017, Lae businesses downturn about 30 per cent, says business leader, and SP Hunters win. Your weekly digest of the latest business news.

Five questions about the Solomon Islands to the IFC’s Vsevolod Payevskiy

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The Solomon Islands’ economy has a rich resource base but faces many obstacles, according to Vsevolod (Seva) Payevskiy, Country Resident Representative for the International Finance Corporation. He tells Business Advantage PNG the best options for growth are agriculture, fisheries, mining and tourism.

In brief: Second mining company in play to revive Panguna copper mine, and other business stories

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Australian miner with links to Bougainville landowners bids to restart Panguna, research into boosting tourism in East New Britain and Milne Bay, and ABAC prepares paper on life after mining projects. Your weekly digest of the latest business news.

In brief: Sir Michael Somare retires after 49 years in politics, and other business stories

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Founding Prime Minister retires, new US Embassy to be built, NRI questions land allocation for petroleum park. Your weekly digest of the latest business news. Papua New Guinea’s longest serving MP and first Prime Minister, Grand Chief Sir Michael Somare, has bowed out of politics after 49 years. The former Prime Minister said at an NBC Press Club interview […]

Five questions for the IFC’s Dina Nicholas on growing cruise line tourism in Papua New Guinea and Solomon Islands

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Cruise liner tourism in PNG and the Solomon Islands could grow five-fold within two years, according to a study commissioned by the Australian Government, the IFC and cruise operator Carnival Australia. We asked the IFC’s Senior Operations Office, Dina Nicholas, what will make this growth happen.