The Report: Papua New Guinea 2017

  • ID: 4437443
  • Country Profile
  • Region: Equatorial Guinea, Guinea, Papau New Guinea
  • 212 Pages
  • Oxford Business Group
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Although external forces have seen PNG experience challenging economic conditions in recent times, the general long-term goal remains the same. One of the country’s greatest strengths is the longevity of its planning. Prime Minister O’Neill’s victory in the 2017 election solidifies the government’s agenda and substantially improves political stability.

Continuity in planning, along with cohesion with the private sector, is fundamental to attracting foreign direct investment and stimulating economic growth. Hosting international events such as the 2018 APEC summit should have a positive impact on international perceptions, while further planned investments in the extractive industries look set to boost the economy.

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Natural wealth: Cash crops and extractive industries are fuelling growth
Interview: Prime Minister Peter O’Neill
Navigating challenges: With elections in 2017, the country focuses on its long-term plans

Looking up: Stable commodity prices continue to boost the export market, while reforms promise to accelerate investment
Interview: Clarence Hoot, Acting Managing Director, Investment Promotion Authority
Interview: Steven Ciobo, Minister for Trade, Tourism and Investment of Australia
Policy shifts: New acts and reforms are having a mixed impact on Papua New Guinea’s business climate
Viewpoint: Gerry Brownlee, Minister of Foreign Affairs of New Zealand
Viewpoint: Shamshad Akhtar, Executive Secretary, UN Economic and Social Commission for Asia and the Pacific
Trading relations: The country embraces free market principles while maintaining international trade deals and agreements

Signs of recovery: Instituting reforms to help accelerate GDP growth and balance the books
Interview: Thomas Abe, Managing Director, Kumul Consolidated Holdings
Interview: Dairi Vele, Secretary of the Treasury
Prudent but tough: The 2017 budget cuts government expenditure and introduces tax changes
Interview: Sir Kostas Constantinou, Managing Director, Lamana Development
The debt picture: Borrowing levels have risen in the past few years, and now the government is working to reduce debt
Shifting focus: New non-mineral policies to bolster SMEs and promote the development of a more balanced economic base

Savings grace: The sector is well positioned to meet emerging challenges
Access all areas: A concerted effort is being made to broaden the sector’s reach
Interview: Loi Bakani, Governor, Bank of Papua New Guinea
Interview: Mark Baker, Managing Director, ANZ Bank Papua New Guinea
Chain reaction: The banking market is ripe for the adoption of new technologies and practices

Turning the corner: The nation’s markets are rebounding from recent lows as the benchmark stock index climbs
Interview: Richard Borysiewicz, General Manager, BSP Capital
Market analysis & data provided by BSP Capital
Government inscribed stock: Yields across a range of maturities remain stable
Equities: Market capitalisation up around 50% in 18 months, while the interest in equities is projected to rebound
Deposits and bank bills: Term deposit rates hold

Structural changes: Reforms to regulation and the predicted shrinking of an overcrowded market to characterise the sector in coming years
Interview: Matthew Kearns, General Manager, QBE Insurance
A rural target: Insurers examine ways to penetrate the large, untapped market of rural communities

Dig in: Unearthed potential is encouraging exploration projects
Planning ahead: Legal amendments can help the sector continue to grow
Interview: Peter Graham, Managing Director and CEO, Ok Tedi Mining; and Chairman, Kumul Minerals Holdings

Growth driver: Despite setbacks, ongoing developments provide a boost for the sector and the economy
Interview: Peter Botten, CEO, Oil Search
A plan for home: The country aims to retain more of its natural gas in order to meet the rising domestic energy consumption
Water works: Hydropower is being harnessed, leading the way in providing renewable energy across the country
Interview: Andrew Barry, Managing Director, ExxonMobil PNG

The beaten track: Investing in transport infrastructure will be key to unlocking potential
Interview: Richard Yopo, Acting Managing Director, National Airports Corporation
Friendly skies: Renewed investment in aviation infrastructure to ramp up capacity
Connection costs: Reducing the cost of land and maritime transportation is a priority

Priority works: As public spending is cut, increasing private participation is crucial
Hospitality focus: The capital city is set to see rapid growth in room capacity as it prepares to host the upcoming 2018 APEC summit
Market moderation: Rental prices have fallen as supply exceeds demand, while the affordable housing segment grows
In demand: Property ownership is a high priority for many citizens, however affordability remains an issue
Interview: Jason Yip, Managing Director, DAC Real Estate

On the line: Fisheries and natural resources are at the heart of the push to boost industry
Interview: Paulus Ain, Commissioner and CEO, Independent Consumer and Competition Commission
Interview: James Lau, Managing Director, Rimbunan Hijau (PNG) Group
Room for growth: Retailers looking to capitalise on sales potential

Effective restructuring: Government policies strengthen the sector
Catch of the day: Infrastructure investments to balance changing trade deals
Interview: Ilan Weiss, Chairman, Innovative Agro Industry
Time for restoration: Defeating pests and building a resilient coffee industry becomes a pressing matter
Interview: Sir Brown Bai, Director, New Britain Palm Oil
Sunny prospects: Integration of new technology modernises the sector

Change is calling: Reforms and infrastructure projects bring much-needed advances
Interview: Mahesh Patel, Chairman, Telikom PNG
Making connections: Concerted efforts are under way to lower the costs of services and increase internet speeds
In with the new: Rapid advances in mobile phone technology are helping boost a diverse range of economic sectors
Digital highway: A national fibre backbone project is taking place

Raw potential: Increased investment is aimed at making the most of the country’s unique international appeal
Interview: Jerry Agus, CEO, Papua New Guinea Tourism Promotion Authority
Ready, steady, go: Work is under way to attract the adventure tourism segment through a diverse sports offering
Managing development: Sustainable and grassroots tourism fundamental to sector growth

The tax man: The 2017 national budget introduced a raft of new changes
Interview: Jonathan Seeto, Territory Partner, PwC

Rules and regulations: An overview of the laws and legislation that underpin PNG
Viewpoint: Michael Sullivan, Partner, Leahy Lewin Lowing Sullivan

Island retreat: A guide to the best hotels
Listings: Phone directory of government and business organisations
Facts for visitors: Helpful information

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