05 Sep 2012
2012 Report maps out investment opportunities in commodities and non-energy sectors
Papua New Guinea’s plans to build on its impressive growth through major new mining and energy projects are given extensive coverage in a groundbreaking investment guide produced by the global publishing, research and consultancy firm Oxford Business Group (OBG). The most detailed report produced to date on Papua New Guinea saw OBG draw on the expertise and resources of the Investment Promotion Authority (IPA). Additional support during the compilation of research was provided by Bank South Pacific, the law firm Leahy Lewin Nutley Sullivan, DFK, Hill Mayberry Chartered Accountants, the Manufacturers Council of PNG and the Ministry of Higher Education Research Science and Technology.
The Report: Papua New Guinea 2012 looks in detail at ExxonMobil’s liquefied natural gas (LNG) project which should have a huge impact on the country’s energy sector and economy as a whole when production, earmarked for 2014, gets under way.
The first-time report launched on September 5th at the Crowne Plaza Hotel, Port Moresby. Around 300 VIP guests are expected to attend, including the Minister for National Planning Hon. Charles Able who will deliver the key-note speech at the event.
The Report: Papua New Guinea 2012 contains a contribution from the Prime Minister of Papua New Guinea (PNG) Peter O’Neill, together with a detailed, sector-by-sector guide for investors. It also provides a wide range of interviews with leading political, economic and business representatives, including the Minister of Mining Byron Chan, the Governor of the Bank of Papua New Guinea Loi M. Bakani, the Executive Director of Papua New Guinea Chamber of Mines and Petroleum Greg Anderson and the Managing Director of the Investment Promotion Authority (IPA) Ivan Pomaleu.
International personalities, such as Australia’s Shadow Minister for Foreign Affairs and Deputy Leader of the Opposition Julie Bishop, the EU Trade Commissioner Karel De Gucht and the Managing Director of Esso Highlands, subsidiary of ExxonMobil Peter M. Graham also offer their views on Papua New Guinea’s economic development.
Ivan Pomaleu, Managing Director of the IPA, comments that, “The aim of such projects is to ensure that investors have updated information on the investment arena of the country before making commitments to come to the country.” He continues, “Ensuring the availability of updated investment related information is one of the key things that the Investment Promotion Authority has been embarking on over the last five years. The Report: Papua New Guinea 2012 is the most in-depth report so far, and what is even more important is that this first edition will be updated on an annual basis, keeping all the information current and continuously relevant.”
The Report: Papua New Guinea 2012 puts the country’s diverse range of natural resources in the spotlight, gauging the considerable interest they are generating among trade partners, particularly China. The Group’s publication maps out the rising number of new projects in the pipeline which are expected to produce a significant increase in mining production, while also analysing the part that a new regulatory framework could play in clarifying legislation.
As PNG’s fledgling industrial sector takes shape, OBG’s report explores the country’s efforts to boost production and local consumption through a series of new initiatives including the development of a new marine industrial zone. It also charts progress in developing downstream industries and reports on plans to make available more support for small and medium-sized enterprises (SMEs).
The Report: Papua New Guinea 2012 considers the key role agriculture plays in the country’s economy, particularly its palm oil exports. There is also incisive analysis of the government’s plans to encourage more people to open bank accounts as part of the new development strategy for the country.
OBG’s Regional Editor Paulius Kuncinas said the resolution of political deadlock in PNG marked a historical milestone for investors, some of whom had viewed the lack of stability at the top as the main risk to long-term development.
“Papua New Guinea has joined the coveted club of fast growing Asian nations with an attractive investment profile in both commodities and non-energy sectors,” he said. “We hope the government will take this opportunity to reset its relationship with foreign investors and offer a clear economic policy strategy for the next 20 years.”
Michael Benson Colpi, OBG’s Chairman, agreed that with a new government in place, OBG’s team expected more investors to establish themselves in PNG. He also thanked the Group’s partners for their contribution to The Report: Papua New Guinea 2012.
“These are times of great change for Papua New Guinea as it rolls out a far-reaching national development strategy which is expected to underpin steady future growth,” he said. “Our partners here have an in-depth understanding of the story behind Papua New Guinea’s rapid economic expansion and how it plans to build on its impressive growth. Their input has helped us to produce an outstanding first-time report at an exciting juncture in the country’s development which I’m confident will generate huge interest within the global business community.”
The Report: Papua New Guinea 2012 marks the culmination of more than six months of field research by a team of analysts from OBG. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The Report: Papua New Guinea 2012 will be available in print or online