As part of the government’s strategy to re-invest back into the rural areas, the Department of Treasury Secretary Dairi Vele has urged companies to look beyond Port Moresby to do business, and begin their investments in outside centres. According to Vele, businesses should branch out to the outside centres to offer people more services. He said, “The Mara...

New Britain Palm Oil Ltd (NBPOL) has outshone 100 companies to top global rankings on sustainable and transparent oil palm production from the sustainable palm oil transparency toolkit (Spott) assessment. New Palm scored 94.4 per cent, putting the firm in a position to compete with others in challenging markets. This achievement borders on strict certific...

To purchase cocoa in East and West Sepik provinces, Paradise Foods Limited signed a memorandum of understanding (MoU) with the United Nations Food and Agriculture Organisation (FAO).According to Paradise Foods chief executive officer James Rice, FAO will support about 10,000 farmers. “These farmers are getting seedlings that will grow to supply us,” he sa...

Prime Minister James Marape has said that an accounting firm that did a budget analysis projected economic growth to bounce back at 3.5 per cent next year. He said that this is due to the recovery by most sectors and improved global demands and consumption - in spite of the pandemic. In a statement, Marape said, “This will see growth rise to an estimated ...

To help finance the US$769 million (K2.69bil) pandemic response of the government that included an economic stimulus package, the Asian Development Bank (ADB) has approved a US $250 million (K876.59 mil) loan. “The Covid-19 has had a devastating health, social, and economic impact on PNG,” said ADB president Masatsugu Asakawa. “The ADB is committed to sup...

In spite of the present political instability in the country, the Port Moresby Chamber of Commerce and Industry and Deloitte have triumphantly held the 2021 budget breakfast, attended by the business community in Port Moresby. The Prime Minister and the Treasurer usually attend the meeting but there were no government ministers around to take questions. T...

Work is underway to repair and upgrade infrastructure through an Asian Development Bank (ADB) funds of K60 million.This is according to PNG Power Ltd chairman Peter Nupiri who adds that power generation in the Port Moresby grid was okay but they are now dealing with transmission problems. “We started to do some work now,” he said. “Through ADB, there is a...

According to PNG Ports managing director Fego Kiniafa, port facilities need an upgrade to accommodate larger vessels. “We have to create facilities at our ports that are conducive and safe to accommodate such advancements, especially, the inclusions of bigger vessels,” Kiniafa said.He added that it is high time to consider the extension of berthing and ot...

PNG and the US are working on an investment and trade framework agreement to boost trading between these two countries.According to US Ambassador to PNG Erin McKee, the aim is on bilateral trade opportunities in agriculture and other industries. She added that the trade volume between these countries should rise. “It (trade volume) is not big enough,” Mck...

Once the multi-billion kina Wafi-Golpu mine gets off the ground, a gold bullion and smelting facility will be constructed in Morobe province. According to Papua New Guinea Prime Minister James Marape, this serves as one of PANGU Pati’s key policies to empower and drive businesses in Papua New Guinea. For Environment and Conservation Minister Wera Mori, th...

To help in the country’s struggling economy, Australia and PNG have signed off a new $AUD140-million loan. This is on top of the AUD$440 million dollars loan that Australia gave to PNG last year. Repayments have been suspended because of COVID-19.According to PNG Treasurer Ian Ling-Stuckey, he met with Australia's High Commissioner to formalise the loan a...

Papua New Guinea Prime Minister Hon. James Marape has joined world leaders in a virtual 2020 APEC Economic Leaders' Meeting to tackle the challenges and the solutions to COVID 19.Participants included US President Donal Trump, Russian President Vladimir Putin, Chinese President Xi Jinping, Australian Prime Minister Scott Morrison, Japanese Prime Minister ...

In the first six months of 2020, economic growth in the Asia Pacific Economic Cooperation (APEC) region decreased by 3.7 per cent and is expected to contract by 2.5 per cent for the whole year.According to a report by the Apec support unit, this was equivalent to an output loss of US$1.8 trillion (K6.17 trillion), and due to the pandemic. This was also th...

According to PNG Ambassador to China Don Sawong, PNG is set to finalise a feasibility study for the possibility of having a free trade agreement with China. In an event in Shenzen, China, he said that the two countries were urged to conclude this free-trade agreement. He added that a few memoranda of understandings (MoU) were already carried out between t...

As a response to the statements delivered by The Chamber of Mines and Petroleum, Petroleum Minister Kerenga Kua said that the government expected the petroleum and mining industries to make sure that the production sharing contract regime was engineered and designed in line with the law.PNG Chamber of Mines and Petroleum has earlier criticised the propose...

The Chamber of Mines and Petroleum has responded to a 4-page advertisement by Petroleum Minister Kerenga Kua.The agency said that implementing the proposed introduction of the government of the production sharing contract (PSC) regime under a proposed organic law not only will stunt the growth of the economy but will eventually retard the tax of the State...