Trade & Investment
From The Report: Papua New Guinea 2020
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In recent years Papua New Guinea’s trade and investment environment has been characterised by government policies aimed at generating wider fiscal and social benefits from the country’s resource wealth, while simultaneously growing exports and decreasing imports as it develops a broader economic base. Around 86% of exports from PNG are generated by the extractive industries, principally liquefied natural gas and gold. The government is keen to nurture the development of other high-potential segments such as agri-business – particularly given that around 85% of the population is dependent upon agriculture for their livelihoods. Following uncertainty created by the US-China trade war, the global trade and investment environment has been further clouded by the Covid-19 crisis in 2020. Nevertheless, PNG remains a country with rich potential, thanks to its untapped natural resources and strategic proximity to the high-growth markets of Asia. This chapter contains interviews with Scott Roger, Mission Chief for Papua New Guinea, IMF; and Clarence Hoot, Managing Director, Investment Promotion Agency.