Efforts to promote agricultural self-sufficiency in Papua New Guinea saw a setback in 2015, with droughts and supply chain disruptions impeding sector growth. To allow for lower prices and greater market competition, Tommy Tomscoll, minister for agriculture and livestock, announced plans in mid-January to lift restrictions on a range of agricultural imports, including fresh produce and poultry, for…
Falling energy and mineral prices ramped up pressure on Papua New Guinea’s economy in 2015, prompting a reduction in state spending that is expected to continue into the new year as the government looks to return the budget to a surplus. Alongside spending cuts of up to 20% in some areas, a $1bn sovereign bond planned for 2016 should help the government address the public debt, which, at 34.7% of…
A rise in historical battlefield tourism across a variety of international destinations has shone a spotlight on a key niche market with potential for Papua New Guinea, as the country begins preparations for a series of events commemorating the 75th anniversary of strategic battles fought during the Second World War. The country’s unspoilt wildernesses and close proximity to key regional markets…
A regulatory overhaul is paving the way for Papua New Guinea to focus on developing the processing side of its fisheries industry, supporting the country’s plans to become a major downstream player in the global tuna market. The new policy, which includes a requirement that 100% of tuna caught in PNG’s archipelagic waters be processed locally, is expected to boost the sector’s contribution to…
Organised by DMA, the visit will provide an opportunity for the PNG government to secure new investments and deepen relationships with international blue-chip companies.The trade mission is a follow up to DMA’s successful UK-PNG Trade & Investment Forum, held in London earlier this year. In line with the Government agenda for attracting international investors, the mission is designed to…
Falling commodity prices and a slowing economy will cut into Papua New Guinea’s national revenue this year, although with growth levels forecast at 10% or more, the impact of any downturn may be softer than expected. In its Mid-Year Economic and Fiscal Outlook (MYEFO) published in August, the Treasury noted that a decline in commodity prices had impacted the domestic economy. While state spending…
The Company Highlands Pacific is a PNG incorporated and registered mining and exploration company listed on the Australian Securities Exchange and on the Port Moresby Stock Exchange. Highlands’ major assets are interests in the producing $2.1bn Ramu nickel cobalt mine and the Frieda River copper-gold project, with exploration in progress in the Star Mountains. Highlands also has an exploration tenement…
Papua New Guinea is in the process of restructuring its state sector in order to make it more efficient and to finance necessary capital expenditures. A wide range of options are being explored, from public-private partnerships (PPPs) and privatisations to an extensive rejigging of national assets. For international investors, the steps being taken may offer considerable opportunities. PNG is contemplating…
While Papua New Guinea is one of the most open developing economies in the world, with low tariffs, national treatment for foreign investors, bilateral investment treaties and few closed sectors, new policies could be introduced that would make the environment less liberal and welcoming. So far, the status quo remains and companies are free to invest in and sell into the country as before. However,…
With 2015 growth predictions ranging from 6.9% to 21%, Papua New Guinea may end the year as the fastest-growing economy in the world or as simply another fast-growing economy. The country may be able to spend as planned, make the necessary and desired investments and build for a sustainable future, or it may find itself scrambling to maintain its momentum and keep its fiscal situation from deteriorating.…
