Papua New Guinea is expected to remain the standout economy in the Pacific over the coming year, with its success having a knock-on effect on neighbouring Solomon Islands. Business Advantage summarises the outlook for the region’s larger economies.
Westpac
Papua New Guinea’s strong financial services sector is becoming ever more sophisticated in servicing both the mass-market and premium ends of the market.
With PNG expected to grow faster than China in 2011, Business Advantage examines just who is investing in PNG and in what sectors, and asks where the best opportunities lie in the future.
On May 10, 1910 two young men established PNG’s first commercial bank. Burns Philp had been reluctantly providing banking services before Messers Pickering and Sefton arrived at Port Moresby harbour, and set up shop as the Bank of New South Wales in Douglas Street.