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Interview

Thomas Abe, Managing Director, Kumul Consolidated Holdings (KCH): Interview
OBG
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Interview: Thomas Abe How does KCH reconcile the need to be competitive and profitable with meeting social obligations within state-owned enterprises (SOEs)? THOMAS ABE: KCH has a number of objectives. Apart from the objective of holding and enhancing the value of SOEs and investments, KCH also has the more general objective of entering into arrangements which further the development of Papua New…
Interview

Sir Kostas Constantinou, Managing Director, Lamana Development: Interview
OBG
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Interview:Kostas Constantinou What regulations and incentives are needed to incubate private sector economic growth? KOSTAS CONSTANTINOU: Most private sector businesses look for stability and consistency in policies related to tax, investment and labour. Sometimes what is more important is not what should change but what should be preserved. For example, if there are tax laws in place when…
Interview

Dairi Vele, Secretary of the Treasury: Interview
OBG
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Interview: Dairi Vele How would you characterise budget priorities in light of the current fiscal and economic situation? DAIRI VELE: We have had the same budget priorities over the past seven years. When you have a long period of growth and a short period of hypergrowth, the culture of largess starts to set in. Papua New Guinea fell into this trap of overemploying public servants, expanding from…
Interview

Mark Baker, Managing Director, ANZ Bank Papua New Guinea: Interview
OBG
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Interview: Mark Baker In what way do you see the shortage of foreign exchange in Papua New Guinea developing? MARK BAKER: The kina has never been a widely traded currency; the only buying and selling of the currency is for customer orders, and from this perspective it has always been thinly traded. This has created some volatility as the economy absorbed the $20bn PNG LNG project. The regulators…
Interview

Loi Bakani, Governor, Bank of Papua New Guinea (BPNG): Interview
OBG
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Interview: Loi Bakani What approach are banks taking to increase financial literacy, and how can this impact the economy? LOI BAKANI: Financial literacy is considered an important part of the strategy for financial inclusion in Papua New Guinea. The aim is to create a financially competent generation so that available resources are managed effectively, and they are able to exploit the opportunities…
Interview

Steven Ciobo, Minister for Trade, Tourism and Investment of Australia: Interview
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Interview: Steven Ciobo What infrastructure initiatives are required in Papua New Guinea to foster economic development and enhance trade with Australia? STEVEN CIOBO: PNG’s economic growth potential is impacted by geographic and service delivery challenges. Additional physical and social infrastructure is required to address these factors. However, the successful construction of the $19bn PNG…
Interview

Clarence Hoot, Acting Managing Director, Investment Promotion Authority (IPA): Interview
OBG
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Interview: Clarence Hoot How can small and medium-sized enterprises (SMEs) play a greater role in developing key sectors within the wider PNG economy? CLARENCE HOOT: From a global perspective, evidence clearly shows the importance of SMEs in any economy. In PNG there is a lot of space for these enterprises to play a greater role in economic development, simultaneously improving the livelihood of…
Interview

Richard Borysiewicz, General Manager, BSP Capital: Interview
OBG
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Interview: Richard Borysiewicz In what ways can capital markets play a larger role in enhancing the broader economy? RICHARD BORYSIEWICZ: Capital markets can provide investment funds in the form of debt or equity. This country sits on enormous potential, and capital markets provide the mechanism in which money can find opportunity. Key objectives should also be to provide employment, foster prosperity…
Interview

Matthew Kearns, General Manager, QBE Insurance: Interview
OBG
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Interview: Matthew Kearns How would you assess the sophistication of the insurance market in Papua New Guinea and the scope for more complex products? MATTHEW KEARNS: We can divide the complexity of the insurance sector into two halves. The market covered by overseas or multinational insurers is generally quite sophisticated because of their expertise and global presence. However, when it comes to…
Interview

Peter Graham, Managing Director and CEO, Ok Tedi Mining; and Chairman, Kumul Minerals Holdings: Interview
OBG
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Interview: Peter Graham With copper and gold so important to the mining industry, how do you see global commodity prices impacting the sector in the coming year? PETER GRAHAM: Gold and copper are the principal metals mined in Papua New Guinea. For copper, the price bears a relationship to supply and demand. Demand in China, which is the dominant user of copper in the world, has a significant impact…