Papua New Guinea’s controversial proposed foreign investment bill to be withdrawn, say chambers

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The proposed Foreign Investment Regulatory Authority Act has been withdrawn, according to Papua New Guinea’s two largest Chambers of Commerce and Industry. They say that the Minister for Commerce & Industry, Wera Mori, would instead look to amend the Investment Promotion Act.

In brief: Fiji lifts ban on import of Papua New Guinea food products, and other business stories

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Fiji’s trade Minister lifts ban on PNG food products, K65 million sought to contain coffee berry borer, and O’Neill warns of crackdown on companies not paying taxes. Your weekly digest of the latest business news

In brief: Government to buy 20 per cent shareholding in Port Moresby hotel complex, and other business stories

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Government to spend K300 million buying into Star Mountain Plaza project, Bougainville President supports new-look BCL, and Trade Minister seeks ban on Fiji imports. Your weekly digest of the latest business news.

Foreign exchange shortages open up opportunities for Papua New Guinea’s manufacturers

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The difficulty in getting foreign exchange is making goods made in Papua New Guinea more attractive, local manufacturers tell ‘Business Advantage Boardroom’, which aired last night on national broadcaster, EMTV. But a lack of protection against cheap overseas competition remains a problem.

Industry diversification a must, say ADB and Manufacturers Council

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The economic and financial stresses being experienced in the PNG economy are in part due to the narrowness of the industry base, according to a report by the Asian Development Bank. There is a compelling argument for industry diversification; Chey Scovell of the Manufacturers Council says the focus should be on creating stable employment.

Survival of Papua New Guinea industry threatened unless greater protection, say business figures

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There is a growing call for greater protection of Papua New Guinea industry to respond to allegedly unfair international competition. A number of manufacturers tell Business Advantage PNG that most countries have used protectionism to foster their domestic industries and it is time for PNG to do the same.

Manufacturers survey: adapting to tougher economic conditions

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Papua New Guinea’s manufacturers experienced difficult conditions in 2015 and many are concerned that things will get worse before they get better. David James talks to some of the key figures from the sector to find out how they are coping with the tough market conditions.

In brief: manufacturing affected by downturn in the economy and other business stories

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Manufacturing affected by downturn in economy, Japanese International Co-operation Agency ready to start Lae-Nadzab Development Project and CPL’s profit comes in at K6.5 million. Your weekly digest of the latest business news.

Papua New Guinea Manufacturers’ Council calls poultry ban ‘premature’

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The Manufacturers’ Council has described the ban on some uncooked poultry products from Australia as ‘premature’, and called for the ban to be lifted.

Companies struggle to pay bills, after the Bank of Papua New Guinea ‘rations’ kina

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Restricting the margins at which the kina can be traded against the US dollar has had little positive effect, with some companies struggling to pay bills, as the central bank reportedly restricts the purchase of US currency, Manufacturers Council of Papua New Guinea CEO Chey Scovell tells Business Advantage PNG.