Feature Articles

PACD project receives US$40 million in funding

The PNG agriculture commercialisation and diversification (PACD) project has received US$40 million (around K140 million) in funding from the World Bank. Jane Sprouster, senior operations officer for the World Bank PNG and Pacific Islands, said the project would benefit and assist 20,000 farmers. Sprouster added that she hopes it will allow them to reach commodity targets set by the 2021 to 2023 agriculture medium-term development plan. “The World Bank’s global

Angore Project hugely beneficial for PNG, says Santos

Santos President Upstream Oil and Gas, Brett Darley, has said the Angore Development Project would be a significant plus for Papua New Guinea. Mr Darley made his comments at the Australia Business Forum in Brisbane as he announced the next tranche of backfill gas that will help maintain PNG LNG production. The first gas from the development is due in 2024. Santos’ capital expenditure share would be about US$135 million

Ten-year biosecurity policy launched

PNG’s National Agriculture Quarantine and Inspection Authority (NAQIA) recently launched its first ten-year biosecurity policy. The policy will run from 2022 to 2032 and aims to ease trade within Papua New Guinea, conserve biodiversity, and allow for commodity imports. The general director of NAQIA, Joel Alu, has said the biosecurity policy would act as a springboard for the authority and the agriculture industry. He hopes it will result in regulations

PNG customs get tough on local manufacturers and importers

David Towe, the PNG Customs chief commissioner, has warned stricter measures are being introduced. He said local manufacturers and importers had been warned that they could face fines of a million Kina if they failed to comply with the law and didn’t pay taxes. “Last year, we increased all the penalties that applies to the non-compliance; in the past, it was not tough. The penalties have increased almost 100 per

Superannuation benefits should be tax-exempt, says Tarutia

Ian Turutia, Association of Superannuation Funds of PNG president, has been arguing for the removal of taxation on workers’ superannuation funds. He said, “As an industry, we are against taxation on superannuation or retirement benefits.” A review of Papua New Guinea’s income tax laws by the Constitutional Law and Reform Commission (CLRC) suggested a reduction in personal income tax on wages and salaries. The review also recommended the complete removal

World Bank approves three PNG projects worth US$200 million

Three new PNG projects worth a combined US$200 million (around K722 million) have been approved by the World Bank’s Board of Executive Directors. The projects aim to improve roads and transport, child nutrition and protection, and work conditions and mobility. The Australian Government has also pledged additional support for the schemes. Stefano Mocci, Country Manager at the World Bank for Papua New Guinea, said, “Collectively, these new projects will help

Agriculture could bring economic independence, says minister

The Minister for Agriculture and Livestock, John Simon, has said agricultural activities in Papua New Guinea could help the country achieve economic independence in five to ten years. Over 80 per cent of people in PNG live in rural communities, and Mr Simon said that about 90 per cent of them were involved in agriculture. He said the government and the Department of Agriculture and Livestock (DAL) wanted to help

Best practices and transparency are essential, says Fishing Industry Association

Marcelo Hidalgo, the Fishing Industry Association’s (FIA PNG) director of sustainability, said that despite a difficult couple of years, Papua New Guinea’s fishing industry was able to maintain demand. He said even though the pandemic resulted in increased logistical costs and prices, the industry’s best sustainable and accountable practices kept them in business. “The only reason we still have a market is because of our best practices that are clearly

Inflation may hit seven per cent and persist into next year

According to Robert Maxwell, the chief executive officer of International Container Services Inc South Pacific, Papua New Guinea is forecast to reach 6-7% inflation this year. He said that several consulting and banking entities agreed, and the cost of living would continue to rise this year. This would mean higher costs of living for PNG citizens. Chris Anders, president of the Goroka Chamber of Commerce and Industry, has also warned

KMHL managing director explains the new Porgera company

The managing director of Kumul Mineral Holdings Ltd (KMHL), Dr John Kuwimb, recently discussed the new Porgera company, which will be incorporated after Mineral Resources Enga (MRE) signs the shareholders’ agreement. “The company will have eight directors – four from Barrick Niugini Ltd and four from PNG,” Dr Kuwimb explained. “The next agreement is the Mining Development Contract, after which we can have the development forum. The operatorship agreement is