18 Jan 2017
Papua New Guinea, October 2016: A new report just produced by the global publishing, research and consultancy firm Oxford Business Group (OBG) considers what’s next for Papua New Guinea (PNG) now that its huge liquefied natural gas (LNG) project has come on-stream.
The Report: Papua New Guinea 2016 examines the key part that the country’s primary sector continues to play in attracting investors. It also analyses PNG’s plans to boost support for small and medium-sized enterprises (SMEs) through a new state strategy.
With a project pipeline and affordable housing initiatives both offering potential for investors, The Report: Papua New Guinea 2016 highlights real estate as a driver of growth. In addition, there is extensive coverage of the latest developments across PNG’s regions, including resource-rich Morobe, which is expected to reap the rewards of an increasingly diverse economy.
OBG’s report was launched at a panel debate on October 12, titled ‘Investment Environment & Opportunities in 2017: Commodities, Services & Technology’.
The roundtable, which took place at PwC Haus, Port Moresby, was attended by many high-profile representatives from across the public and private sectors. Andrew Jeffreys, OBG’s CEO and Editor-in-Chief, gave a keynote speech at the launch. The panel comprised: Clarence M. Hoot, Acting Managing Director, IPA; Robert Nilkare, Country Manager, New Britain Palm Oil Limited; Marcelo J. Minc, Country Director, Asian Development Bank; Wapu Sonk, Managing Director, Kumul Petroleum; Hemansu-Roy Trivedy, Resident Coordinator, United Nations; and Jonathan Seeto, Managing Partner, PwC.
Commenting on the launch, Jeffreys said that while a fall in the GDP growth rate would inevitably bring challenges, PNG was well placed to weather a period of transition.
“Like other nations rich in resources, Papua New Guinea has had to accommodate lower global commodity prices in recent years,” he said. “However, our debate showed that prudent decisions are taken in the timely fashion, an enhanced business environment and a wealth of untapped resources should provide the country with solid foundations as it enters a new phase of economic development.”
OBG’s Managing Editor for Asia Paulius Kuncinas added that the successful launch of PNG’s first major LNG project bode well for further recovery ventures.
“The question of how to manage the country’s natural and cultural assets remains a sensitive one,” he said. “Yet, with investors seemingly undeterred by a challenging external climate, Papua New Guinea may well be eyeing a second major natural gas project before long.”
The Report: Papua New Guinea 2016 marks the culmination of more than six months of field research by a team of analysts from OBG. It contains an in-depth interview with Prime Minister Peter O’Neill, together with a detailed, sector-by-sector guide for investors. Additionally featured representatives include: the Prime Minister of the Solomon Islands Manasseh Sogavare, the Minister of Bougainville Affairs Joe Lera and the Managing Director of the Investment Promotion Authority Ivan Pomaleu. The publication is available in print and online.