International
At the recent Expo 2020 Dubai, Papua New Guinea celebrated its National Day and used the opportunity to highlight the importance of sustainability goals and having a positive impact on the environment. The National Days at the Expo allow each of the 200-plus attending nations to showcase their culture and achievements. For PNG’s turn, there was a display of traditional Papua New Guinean music, dancing, and ‘bilas’ decorations. The PNG
Prime Minister James Marape has been promoting the idea that Papua New Guinea holds a strong strategic position in the food sector, especially concerning exporting goods to Asian countries. He has encouraged local businesses to embrace the possibilities of exporting foods to nearby markets. The Prime Minister made his comments to PNG corporations at a business event co-sponsored by the Business Council of PNG and Kina Bank. He pointed out
According to PNG National Budget estimates, the economy will grow by 5.4 per cent in real terms in 2022. This follows a slower 2021, which saw an estimated real GDP growth of about 1.3 to 1.5 per cent. The Government’s 5.4 per cent growth prediction is underpinned by significant public infrastructure expenditure. There is potential upside from election-related spending, but there’s also risk from new strains or resurgences of Covid
Robin Fleming, the CEO of Bank South Pacific Financial Group Ltd (BSP), has said that Papua New Guinea has recently seen a significant inflow of Foreign Exchange (FX) currency. According to Mr Fleming, at the end of 2021, FX receipts increased from K9.21 billion to K10.175 billion in the final quarter. This amounts to a rise of K965 million or 10.5%. He said the increase was due to end-of-year dividend
Acting Secretary of Agriculture and Livestock, Stephen Mombi, has praised the European Union for its sponsorship of the EU-STREIT PNG Programme. Mombi made his comments at the Geographical Indication (GI) Awareness Conference in Port Moresby, which the PNG Investment Promotion Authority hosted in collaboration with the EU-funded UN Joint STREIT Program. The programme, which focuses on the Sepik Region, aims to develop sustainable agri-food value chains and promote the fair
The Australian Government has granted Papua New Guinea AU$580 million to rebuild and upgrade its ports (roughly K1.48 billion). The State Enterprise Minister, William Duma, stated K66.4 million was already earmarked for Kavieng Port. The New Ireland Chamber of Commerce and Industry president, Nolis Thomas, said the initiative would create local jobs and boost New Ireland’s export earnings. Mr Thomas said, “Just by having the project here will provide employment
THE World Bank has approved an emergency US$20 million (approximately PGK70m) project for Papua New Guinea (PNG) to provide rapid support the country’s COVID-19 (coronavirus) pandemic response. The emergency support will fund rapid health support for PNG focused on protecting health workers and others in the response effort, helping PNG health authorities quickly scale-up testing capacity, and strengthening public education to combat the spread of the virus. The project, funded
THE Australian Government has provided an additional K1.7million to support the Government of Papua New Guinea prepare for and respond to Coronavirus (COVID-19). The funding support will boost the PNG Government’s existing commitment of K45million for COVID-19 response. “The health and safety of all Papua New Guineans is our number one priority. Australia has been an important supporter in helping Papua New Guinea respond to health emergencies,” said Minister for
PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange and the South Pacific Stock Exchange (SPX) have signed a Memorandum of Understanding (MoU) to co-operate on the development of their capital markets. The milestone signing of the MoU was undertaken in a ceremony in Suva by PNGX chairperson, David Lawrence and SPX chairperson, Dr Nur Bano Ali. Mr Lawrence said the opportunities for harmonisation presented by PNGX and SPX
EXXONMOBIL PNG Limited, the operator of PNG’s first liquefied natural gas project, PNG LNG, has sponsore a networking event and executive dinner held at the Port Moresby Hilton Hotel to welcome Shauna Noonan, 2020 President of the Society of Petroleum Engineers (SPE). President Noonan recently visited Papua New Guinea in her capacity as 2020 President elect of the SPE to meet with local engineers and industry leaders as part of a
