Steamships sells Laga to Paradise, Credit Corp profit falls, and Papua Niugini Freezers begins exports to Solomon Islands. Your weekly digest of the latest business news.
Paradise Foods
PNG was the second-largest global grower of vanilla last year, producing about 250 metric tonnes, but leading processor and exporter, Paradise Spices, is calling for regulation of the sector to resolve supply and quality issues. Karina Makori, the company’s General Manager tells Business Advantage PNG inflated prices have halted production of vanilla products for the past nine months.
A new CEO for Paradise Foods, a new General Manager at Frabelle
Managing Director of Paradise Foods steps down, Bakani re-appointed as Central Bank Governor, KPMG appoints a new Managing Partner, four new NASFUND executives.
There is no question that Papua New Guinea’s manufacturers-which account for about 9% of the country’s GDP – have been caught up in the general downturn in the country’s economy, with a combination of lower investment in the mining and petroleum sectors, lower commodity prices and a stronger currency slowing growth and reducing domestic demand.
While Papua New Guinea’s economy has slowed in the past year, many of the country’s manufacturers continue to see growth as the longer-term trend, and are investing in new plant, new products and new marketing approaches.
Papua New Guinea’s oldest manufacturing company, Paradise Foods, is marking its 80th year of operations this year, after its humble beginnings as a small town bakery in 1933. Behind the quiet celebrations are big expansion plans, Managing Director David Peate tells Business Advantage PNG.
Papua New Guinea’s very own gourmet chocolate may have only been on sale for a few weeks, but its production line has already been honoured with a visit from the recent business delegation that accompanied the Thai Prime Minister.
The range of products manufactured in Papua New Guinea is growing all the time.
Papua New Guinea’s producers are continuing to profit from the country’s unprecedented economic boom as well as high international commodity prices, but they still face a mighty array of challenges. Made in PNG asks what factors influence the demand for PNG goods at home and overseas.