Situated at the eastern-most point of the New Guinea islands and in a different time zone from the rest of Papua New Guinea, the Autonomous Region of Bougainville is composed of two large islands, Buka and Bougainville, separated by a narrow tidal channel. Together with 168 smaller islands and countless atolls, it forms an archipelago that is geographically, geologically and culturally closer to the…
The economy of Papua New Guinea is decelerating, with the GDP growth rate expected to fall by half in 2016 to 4.3% and by nearly half again to 2.4% in 2017. A combination of the end of the construction phase of the PNG Liquefied Natural Gas (LNG) project and an unexpected drop in energy prices has resulted in a significant decline in business activity and state revenues. The PNG economy is in for a…
The trade and investment landscape in Papua New Guinea has undergone substantial changes in recent years, driven to a large extent by the country’s large liquefied natural gas (LNG) project, PNG LNG. The development comprises gas production and processing facilities, with its initial phase carrying an estimated cost of $19bn, an investment greater than the country’s GDP at constant prices in 2014,…
Culturally one of the world’s most diverse countries, Papua New Guinea is widely considered to be one the last frontiers for tourism and business opportunities – the island of New Guinea hosts 6-8% of the world’s species, one-sixth of known languages and rivals Borneo, the Amazon and the Congo in terms of biodiversity. The country is an important exporter of natural resources (gold, copper, oil…
Access to improved communications technology and greater awareness of banking services is helping to boost financial inclusion in Papua New Guinea while providing opportunities to service providers looking to tap into a broader market. According to data from the central bank, up to 80% of the population do not have access to any form of financial services. Similarly, more than 80% of the population…
Increased investments in telecommunications infrastructure are set to improve Papua New Guinea’s internet capacity, extending coverage across the country and paving the way to roll out 4G LTE services. With low fixed-line internet and telephone penetration rates last year – at 9.4% and 1.9%, respectively – connectivity in PNG is mainly being driven by mobile phone ownership, with penetration…
The mining sector in Papua New Guinea is showing signs of an uptick after operations resumed at one of the country’s largest mines, with new and ongoing projects set to inject much-needed foreign exchange and employment into the economy. Indeed, revised forecasts for the development budget of the Frieda River project – which could hold the largest undeveloped copper and gold deposits in the world…
A new wave of investments in Papua New Guinea’s energy sector could see some $19bn of projects launched in the coming years, boosting the country’s liquefied natural gas (LNG) output and providing employment to thousands. In mid-April French energy giant Total announced its intent to push ahead with plans to build the country’s second LNG plant for an estimated $10bn. The project – dubbed…
The government of Papua New Guinea has rolled out a new plan to support small and medium-sized enterprises (SMEs) by improving access to finance and training. Unveiled in February, the SME Policy and Master Plan 2016-30 sets out objectives to expand the economy and create employment outside of the main population and trade hubs. The package, slated to receive PGK200m ($65m) worth of funding per annum,…
Papua New Guinea will be looking for non-resource growth to steer the economy forward in 2016, as the government steps up efforts to return the budget to a surplus by 2020. A combination of lower commodity receipts and commitments to large-scale development projects has put greater pressure on the country’s cash flow, which is expected to see continued shortages in the near term, according to the…
