The Papua New Guinea economy is facing significant challenges, as growth reaches 20–22% next year, ANZ Asia-Pacific Chief Economist Glenn Maguire told this month’s 2014 Papua New Guinea Advantage Investment and Infrastructure Summit in Port Moresby. An increase in interest rates in the United States and a slowdown in China’s growth are the two key risks for the global economy and PNG, says ANZ’s Glenn Maguire. ‘The US has had extraordinarily low interest rates for

A senior academic and head of the government’s research and think tank agrees it is time to privatise PNG Power Limited (PPL). Dr Thomas Webster, head of the National Research Institute (NRI), says the PNG Power problems that have come into the limelight recently had been festering for some time and the current Government’s announcement to privatise it with other State-owned Enterprises (SOEs) was welcoming news. However, he says it is not clear what aspects of PNG Power

Foreign investment in the Fiji economy is expected to return, following the first democratic election since the 2006 coup this week. Tourism, infrastructure and natural resources are three sectors expected to benefit, but economists and business leaders say that will depend on political and policy stability, as Kevin McQuillan reports. Fiji’s economic growth since its 2006 coup has been a mixed bag. Each of the four coups in Fiji has seen a drop in GDP

First Air Niugini, then PNG Power … then PNG Ports and the National Airports Corporation? The Papua New Guinea government is embarking on a grand plan to reinvigorate state-owned enterprises. But privatisation is not the only option to ensure SOEs function as viable entities. A White Paper will be released next month, outlining how the sell-offs will proceed, the Public Enterprise and State Investment Minister, Ben Micah told last week’s Papua New Guinea Advantage Investment

PAPUA New Guinea has fallen from grace in a big way, as reflected in the 2014 RESOURCESTOCKS World Risk Survey. In the most comprehensive World Risk Survey yet undertaken, PNG slid from 30 last year to 61. PNG was among more than 70 countries rated according to financial and social risk, green and red tape, land access and claims, infrastructure, civil unrest, natural disasters and labour relations. Of the countries rated, only the Democratic Republic of Congo,

Telephones to LCCI Office You are probably wondering why you have not been able to contact to the LCCI Office by Phone. Last week when the phone lines in our vicinity were down, we diverted our main number 472 2340 to a CitiPhone hand held, which allowed people to contact us. However when the lines were fixed early this week, this number was reconnected – but not to our office. There have always been 2

There is enough gas capacity in PNG for at least three more LNG trains over the next five-to-seven years, according to Oil Search CEO, Peter Botten, who’s called for gas developers to co-operate and share facilities. Papua New Guinea is at ‘the crossroads’ for gas commercialisation, Peter Botten has told the 2014 Papua New Guinea Advantage Investment & Infrastructure Summit in Port Moresby, as he laid out his argument for a co-operative approach to developing

The partial privatisation of Air Niugini will be the first in a series of privatisations. Opening the 2014 Papua New Guinea Advantage Investment and Infrastructure Summit in Port Moresby this week, Prime Minister Peter O’Neill said removing government ownership will reduce waste, inefficiencies and corruption. The time has come, the prime minister told the conference, to reform the relationship between government and business, and the role of government in business. ‘There is a mountain of

A SENIOR official at the Asian Development Bank has arrived in Papua New Guinea to discuss the bank’s support for private sector development. ADB vice-president Lakshmi Venkatachalam met with senior government officials in Port Moresby and will visit major ADB-funded infrastructure projects including the Lae port tidal basin. She will also participate in a roundtable discussion with development partners to discuss areas of cooperation and coordination, as well as visiting a financial literacy training site,

PAPUA New Guinea’s economy remains strong, despite the adverse impact of lower commodity prices, the country’s prime minister has said. Prime Minister Peter O’Neill said PNG remained a great country in which to invest and do business. Addressing delegates at the PNG Business Advantage Summit 2014 in Port Moresby, O’Neill said it was the right time to invest and do business in Papua New Guinea. “Our economy remains strong, despite a number of adverse impacts