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Photo: Steamships new head office, the completed @345 on Champion Parade, formerly Burns House. Port Moresby listed Steamships Trading Company Ltd has announced a stronger than expected year in 2022, for the group, as the PNG economy recovered well from the constraints imposed as a result of the COVID-19 pandemic. 2022 results show improved revenue acr...

Photo: (L-R) Myriam Ferran, Deputy Director General, European Commission/ Directorate General for International Partnerships; Paola Pampaloni, Deputy Managing Director, European External Action Service; Kapi Maro, Acting Secretary for Foreign Affairs; Jacque Fradin, EU Ambassador to PNG; and Buri Gari, Acting Director General Multilateral Division, Foreig...

Photo credit: Puma Energy Amid current economic issues in Papua New Guinea such as high inflation and unemployment, a shortage of foreign exchange currency last week crippled the country's fuel supply immensely, marking the second major nationwide fuel crisis within three months. This was the result of an ongoing situation between the Bank of Papua ...

Photo: Richard Maru International Trade and Investment Minister Richard Maru has expressed his concern about the ongoing fuel shortage in Papua New Guinea, stating that it could send the wrong signal to investors willing to do business in the country. Maru emphasized the need to resolve the issue quickly, saying, "This will leave a bad impression on ou...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page The world experts on Special Economic Zones (SEZs) from Japan Development Institute (JDI) together with the local experts and the Ministry and Department of International Trade and Investment are now wrapping up their initial fieldwork of visiting the identified...

Photo: Prime Ministers Marape and Rabuka in Suva, Fiji Prime Minister Hon. James Marape says Fiji and Papua New Guinea must work together for the greater good of the Pacific Islands’ family of nations. He said this on Tuesday (February 21, 2023) after a bilateral meeting with Fiji Prime Minister Hon. Sitiveni Rabuka in Suva. PM Rabuka is also Chair ...

Photo: Prime Minister Hon. James Marape Prime Minister Hon. James Marape announced recently (Sunday, February 19, 2023) that the economy is looking good with Papua LNG in Gulf to announce its Front-End Engineering Design (FEED) next week and negotiations on Wafi-Golpu Mine in Morobe nearing competition. FEED is the process for conceptual development...

Photo: Prime Ministers Albanese and Marape at Commander’s Beach at Moem Barracks in Wewak last month.- PM’s Office Media Prime Minister Hon. James Marape has welcomed the successful outcomes of the 29th Australia–Papua New Guinea Ministerial Forum which was held in Canberra, Australia, on February 17, 2023 “I welcome the outcomes of the very-success...

Photo credit: International Trade and Investment Ministry of Papua New Guinea The Papua New Guinea-Australia bilateral relations must advance to another level and must be anchored on Trade and Investment relations between the two countries, says the Minister for International and Trade and Investment, Hon Richard Maru. Minister Maru said this during hi...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page For the first time in over 24 years after approving the Pacific Balance Fund (PBF) and the Pacific Property Trust as Unit Trust Schemes, the Securities Commission of Papua New Guinea (SCPNG) recently approved the Lihirian Investment Fund Unit Trust as a new Unit...

Photo: James Marape The country's lawmakers have unanimously voted in favor of the updated investment law passed by PNG's parliament, specifying the intention to prevent foreigners from operating small businesses that are reserved for locals. This law includes measures to ensure locals remain in control of businesses such as general stores and taxi ...

Papua New Guinea's resource-rich areas are located at some of the most rugged, mountainous, and treacherous terrains, and the designing, building, and maintaining of project site facilities in these resource areas require constant upkeep. The process of creating fabricated units that can be quickly assembled has shifted as developers become more innova...

Photo: Greg Pawson Kina Bank's CEO, Greg Pawson, has announced plans to expand the bank's presence offshore due to the government's decision to increase tax on banks this year. Pawson described the tax increase from 30 per cent to 45 per cent this year as a "disincentive for growth" and said, "We will be bringing forward our plans for offshore expansio...

Photo credit: PNG Chamber of Mines and Petroleum - Dr Albert Mellam, PhD Credit Corporation Finance Ltd (CCF), a subsidiary of Credit Corporation (PNG) Ltd, has received approval in principle from the Bank of Papua New Guinea (BPNG) for a banking license. According to the chairman of Credit Corporation PNG, Dr. Albert Mellam, "the BPNG offered an appro...

Photo: The Prime Minister with government delegates and members of Parliament at the Launching Ceremony Prime Minister Hon. James Marape and Constitutional and Law Reform (CLRC) Chairman Hon. Saki Soloma launched the Constitutional Directive No.4: Review of the Form and System of Government -The Election of the Prime Minister on 15 February at Holiday ...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook Page Outgoing Malaysian High Commissioner to Papua New Guinea, His Excellency Melvin Cheah Chee Aun will be leaving the country tomorrow with one regret and that is COVID-19 prevented him from working to assist many more interested Malaysian investors who were keen t...

Photo: MV Rabaul Chief sailing on Papua New Guinea waters. The vessel will be deployed on the new PWX service. Swire Shipping, a leading operator of liner shipping services in the Asia Pacific, has introduced the Pacific Weekly Express (PWX) service, a new fixed-day weekly service that connects South-East Asia, Europe, India, and the Middle East with P...

Acting Bougainville Chief Tax Collector Aloyis Daton has appealed to the Bougainville Executive Council (BEC) to review the taxation laws in Bougainville as some regulations were harsh and did not contribute to the economic development. Mr Daton said that he had presented the submission on the suggested taxation policies to the Minister for Finance in ...