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Small and medium-sized enterprises (SMEs) can be a force to reckon with in Papua New Guinea if the funds parked in the two banks, National Development Bank (NDB) Ltd and Bank South Pacific (BSP) Financial Group Ltd, by the Government are fully fulfilling the vision of the Government by reaching the wider population and are in line with the goals outlined ...

A review into the Superannuation and Life Insurance industry has been compiled and recommendations have been presented to the regulator, The Bank of Papua New Guinea. It is a step towards making the necessary amendments towards Superannuation and Life Insurance legislations passed by Parliament more than two decades ago. The Superannuation and Life ...

Photo: PM Marape in Parliament Prime Minister Hon. James Marape has welcomed the Investment Promotion (Amendment) Bill 2022, unanimously passed by Parliament today (January 11, 2023), which encourages the growth of Papua New Guinea-owned small-to-medium enterprises (SMEs) while at the same time attracting foreign direct investment (FDI). PM Marape a...

Photo credit: Department of Foreign Affairs and Trade The Australian Government have been vibrant in providing economic and employment opportunities for locals in the Autonomous Region of Bougainville through its Papua New Guinea-Australia Transport Sector Support Program (TSSP) and their Community Work Arrangements for the past three years. Support...

First elected member for the Newly created electorate Hiri Koiari in the Central Province, Keith Iduhu launched the District's Five Year Development plan recently at the Apec Haus. Government Representatives and distinguished guests led by the Prime Minister were present to attend the launching ceremony. Mr Iduhu stated in his speech that he had promis...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook Page The Minister for International Trade and Investment, Hon. Richard Maru who is the Minister responsible for the capital market of Papua New Guinea along with its regulator the Securities Commission of Papua New Guinea (SCPNG) said the capital markert will see maj...

Photo: PNG Treasurer Ian Ling-Stuckey and ADB Country Director for Papua New Guinea David Hill  Credit: ADB in the Pacific Facebook Page The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) recently signed loan and grant agreements amounting to more than $66 million to help improve the country’s technical and vocational educati...

Economic growth in the Pacific will rebound in 2022–2023, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. Growth for the subregion is projected to be 5.3% in 2022 and 4.8% in 2023, partly fueled by stronger-than-expected tourism activity in Fiji and a recovery in Papua New Guinea’s mine...

The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) recently signed two loans to fund improvements to air services in PNG. Minister for Treasury Ian Ling-Stuckey and ADB Country Director for PNG David Hill participated in the signing ceremony. “This innovative program will help boost economic and social development in PNG,”...

Photo: PNG Chamber of Mines and Petroleum President Anthony Smaré addressing delegates at the opening of the 16th PNG Mining and Petroleum Investment Conference and Exhibition in Sydney, Australia. President of the PNG Chamber of Mines and Petroleum, Mr Anthony Smaré during the 16th PNG Mining and Petroleum Investment Conference and Exhibition, acknowl...

The Papua New Guinea Chamber of Mines and Petroleum has announced that it is considering a name change to PNG Chamber of Resource and Energy (PNG Core) to better reflect the change in the commodities produced by the sector in PNG. PNG Chamber of Mines and Petroleum President Anthony Smaré made this announcement during the 16th Mining and Petroleum Inve...

The Government will be advertising the position of Chief Executive Officer (CEO) for the Special Economic Zones Authority in the new year, 2023. Minister for Trade and International Relations Richard Maru announced this last week. Minister Maru said the position will be advertised globally as the government wants the best to develop the Special Economi...

Minister for International Trade and Investment, Hon Richard Maru led a team of experts from the Japan Development Institute (JDI) as well as local consultants on a tour to visit East Sepik Province especially on all proposed agricultural hubs on Friday last week. The team of experts were given a helicopter tour of the province starting at Wewak, over ...

Photo credit: NEA The National Energy Authority (NEA) will soon establish a new office complex following their groundbreaking ceremony in Port Moresby last Friday. The new office complex will be built at the cost of K150 million through a partnership between the National Energy Authority and the Australia New Guinea Services. Present to officiate th...

Opposition Leader Joseph Lelang stated that the 2023 Budget has not done enough to cover the Papua New Guinea economy against unfavorable global developments. Mr Lelang said the opposition sees that much of these adverse external developments since 2019 has contributed to shortages in foreign exchange, forced businesses to fold or streamline their oper...

Photo: Mayur Resources Managing Director, Mr Paul Mulder. Credit: Mayur Resources Facebook Page Mayur Resources Limited and Santos Ventures Pty Ltd (Santos), a subsidiary of Santos Limited, have extended their exclusivity arrangements to jointly develop a portfolio of nature-based carbon offset projects in Papua New Guinea (Carbon Projects). Mayur h...

The opening remarks by President Mr Anthony Smaré, paved the way for strong discussions on bilateral trade, development of the PNG economy, riding off the back of PNG’s trading partners in Australia and the Asian region, as well as a push for more direct investment in the resource and renewable energy sector. A sector that is of growing importance as the ...

The connect PNG program implemented by the government is said to be rejected by the people of Central Province. Governor for Central Province, Rufina Peter announced the issue and raised this concern in parliament last week. Governor Peter said the road project is essential but will have consequences faced by Central Province Communities such as land grab...