On the challenges to and opportunities in boosting the penetration rate How does the insurance sector in Papua New Guinea differ from other countries in the region? DAVID LEE: First and foremost, PNG is very rich in natural resources; however, the wider economy is underdeveloped and is therefore subject to boom-and-bust cycles. The influx of ancillary services to PNG’s energy sector generates…
Oxford Business Group (OBG) began its CEO Survey in 2016 with the aim of giving our clients a handle on sentiment in the various markets we cover. Sentiment is of course intangible, but it is an all-important factor in the decisions business people and investors make when they weigh up their risk appetite. In turn, sentiment informs the level of confidence with which they view a market. It is also…
Papua New Guinea has stepped up efforts to improve government efficiency, outlining reforms aimed at improving the function of public services and increasing state transparency. In early February Prime Minister James Marape announced the government would introduce performance-based contracts for public servants. Under the new contracts, which will include a series of incentive-based measures, the…
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A rebound in the mining and resource industries helped drive stronger economic growth in Papua New Guinea in 2019, a year which saw Peter O’Neill’s eight-year tenure as prime minister end. Prime Minister O’Neill resigned in late May following a series of policy disputes and defections within the government. He was replaced on May 30 by James Marape, the former minister of finance. In a break…
On reaching sustainable development goals To what extent are sustainability goals tied to the success of a business? ROBERT OPP: Sustainability does not necessarily contrast with long-term profit; however, the UN’s Sustainable Development Goals (SDGs) have provided a global framework to address this significant challenge. The SDGs are different from anything I have seen in the past. There…
In this Global Platform video, Wapu Sonk, managing director of Kumul Petroleum Holdings, talks about PNG’s advantages as a strategic location for extractive industries. With a stable government, popular support for upcoming projects and plans to invest $20bn in the sector, PNG is well placed to benefit from growing demand in the Asia-Pacific region. Sonk also discusses plans to secure three new LNG
Papua New Guinea’s efforts to strengthen agriculture’s position as a major economic driver have been given a boost following the much-anticipated launch of a series of new projects. One of these, inaugurated by the EU in late August 2019, is a PGK340m ($99.6m) pilot programme designed to benefit smallholder farms. This deal comes after the launch of the EU’s Enterprise Development Fund earlier…
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