Last month, Agriculture Minister Tommy Tomscoll told rice companies to start investing and producing rice in country. But, as the CEO of the country’s dominant producer tells Business Advantage PNG, Trukai has already committed to invest tens of millions of kina in rice production. The Papua New Guinea government’s new national rice policy focuses on local rice farming, reducing imports and enhancing food security, but the country’s dominant rice player has had similar plans for

The PNG Government’s decision to review the 2015 Budget has been welcomed, while another prominent economist suggests further foreign investment can be attracted by improved policy settings. The PNG Government’s move, announced by Treasury Secretary Dairi Vele, follows credit ratings agency, Moody’s, changing PNG’s sovereign credit rating to a ‘negative’ outlook, after the fall in energy and other commodities prices, royalties, dividends, and the profitability of associated companies. Vele pointed out that Moody’s has maintained

LAE NADZAB ROAD The serious rain we have experienced in the last week has caused some major flooding in and around Lae but it was particularly noticeable in the 5 and 6 mile sections of the Nadzab Road, where the contractors are currently working on forming the new 4 lane road. The mud and debris has flowed into the settlements but also Mainland Holdings numerous properties including Tablebirds Production factory, the Swiss Mission dairy farm

Trade Minister Richard Maru urged Australian and Papua New Guinean business leaders to look seriously at diversifying their areas of investments. Business Advantage PNG reports from last week’s Australia–Papua New Guinea Business Forum in Lae. Maru was addressing the 39th annual conference of the Australia-Papua New Guinea Business Council and the Papua New Guinea Business Council, held last week in Lae. It was the first time the conference was held in Lae and despite the

With the Papua New Guinea Government highlighting the need for more affordable housing in the country, not-for-profit organisation, Community Housing, believes it has the solution. Papua New Guinea has not escaped the usual spike in housing prices that accompanies major industrial developments, such as the PNG LNG project. Housing prices in PNG have risen to levels out of reach for many businesses and communities, prompting the PNG Government last year to announce plans for the

Australia’s Trade and Investment Minister, Andrew Robb, has called for a ‘collaborative approach’ with Papua New Guinea to take advantage of rising global demands for food, energy and water. In an address to the 31st Australia–Papua New Guinea Business Forum in the industrial city of Lae this week, Andrew Robb said there were close similarities in Australia’s and Papua New Guinea’s economic needs and potential which both should work to capitalise on. He later told

Ratings agency Standard & Poor’s says Papua New Guinea’s banks operate in a ‘high risk’ environment in spite of LNG revenues and increased infrastructure spending by Govenrment. S&P analysts also suggest PNG needs more policies which promote economic growth beyond the resources sector. Three banks dominate Papua New Guinea’s banking system—BSP, ANZ and Westpac. According to the latest Standard & Poor’s Banking Industry Country Risk Assessment for PNG, this limits competition and results in a

Papua New Guinea’s economy is now emerging from a period of hiatus following the completion of its massive liquefied gas project. Andrew Wilkins talks exclusively to some of PNG’s top executives to find out their views on the economy. In May 2014, Papua New Guinea achieved what some thought it would never do—it joined the exclusive club of liquefied natural gas-exporting countries. The US$19 billion ExxonMobil-led PNG LNG project, which achieved financial completion in early

The new CEO of Digicel PNG believes the company is evolving into a provider of content as well as supplying connectivity. Maurice McCarthy tells Business Advantage PNG his first priority is to increase access to Digicel’s expanded network. Business Advantage PNG (BAPNG): In Fiji, you built up Digicel’s corporate business as well as its retail structure. What are your priorities in PNG? Maurice McCarthy (MMcC): In line with Digicel’s global approach, we in Papua New

The fall in global oil and gas prices will reduce the Papua New Guinea government’s revenue by at least K1.1 billion in 2016. A new Budget strategy is needed, argue economists Stephen Howe and Paul Flanagan, who suggest a solution may lie in the government selling its Oil Search shares. The extent to which falling international commodity prices will hit the PNG has been revealed by the ANZ Bank’s Pacific Quarterly Review. While the authors

The next 12 months or so is a time to digest and consolidate, says Peter Langslow, the incoming head of one of Papua New Guinea’s largest and oldest companies, Steamships Trading Company. He told Business Advantage PNG, however, it is also a time to prepare for fresh opportunities. Peter Langslow is a 30-year veteran with London-headquartered John Swire and Sons, which owns 72% of Steamships. He took up the CEO/MD position with Steamships in mid-January,

Major changes to Papua New Guinean company law have important ramifications for company directors, company secretaries, and those involved winding up a company. Richard Kriedemann and Sarah Kuman report on the impact of the new laws.The PNG parliament has passed amendments to the PNG Companies Act and introduced a new Business Names Act (2014).Directors need to familiarise themselves with their new duties under the changes. Companies Act Directors and company secretaries must be aware of