Industry News
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
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
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
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
Speaking in Maprik recently, Prime Minister James Marape described East Sepik as a potential ‘economic powerhouse’ for Papua New Guinea. Because of this potential, and also to honour the memory of Sir Michael Somare, the Marape announced the next government would be formed in the region. The prime minister was joined by the Governor of East Sepik, Allan Bird, Angoram MP Salio Waipo, the Minister of Agriculture and Livestock and
Prefabricated modular building supplier, Ark Pacific, continues to increase its market share in the provision of camps across PNG’s resource sector. With a low freight footprint (up to 75 percent less) and proven commitment to quality and after sales service, Ark’s fit-for-purpose buildings are perfect for camps and a multitude of other building types required by mining and oil and gas operations. Introduced to PNG during the LNG construction phase
Papua New Guinea Women Entrepreneurs Connect (PNGWEC) has signed a Memorandum of Understanding (MOU) with proponents of the DEFINE initiative – which includes PNGX Markets, Pacific Capital Markets Development, Emerging Venture Management (Unkapt), and the PNG Digital ICT Cluster. PNGWEC has over 5000 members and was established to motivate and empower women in business. The MOU outlines how it can cooperate in delivering several DEFINE objectives. These include improving technical
The Australia New Zealand Bank (ANZ) has forecast a turnaround for Papua New Guinea’s economy starting in the latter half of 2022. The bank expects economic growth to pick up as due to business investment and upcoming resource projects. The turnaround will initially be driven by several gas projects. The most notable of these is Papua LNG, which will go into Front End Engineering Design, or FEED, in the middle
According to Kevin Murray, the president of the Madang Chamber of Commerce and Industry, the Pacific Marine Industrial Zone (PMIZ) project will boost the province’s fisheries sector. Murray said that communities around Madang were supportive of the project as it would benefit the economy and create jobs. He added, “A number of canneries will be developed apart from RD Tuna, which is the main one in the province today.” The
In a recent report by the Acting Governor of the Bank of Papua New Guinea (BPNG), Benny Popoitai, PNG is experiencing domestic inflation and increased import costs due to global price rises. Mr Popoitai noted that the war between Russia and Ukraine had put considerable pressure on the prices of food, fertilizer, and crude oil, as both countries were key producers of these products. The effects of the conflict were
