The Coral Seas Cable System—the undersea fibreoptic cable to be laid between Sydney and Port Moresby, and then to the Solomon Islands—will transform telecommunications in the two Pacific countries. Here we answer 10 key questions about this keenly anticipated project.
How New Britain Palm Oil turns sustainability into profitability
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23 Oct 2018 by Leave a Comment
New Britain Palm Oil has turned its philosophy of sustainable production into profits, according to Ian Orrell, Group Head of Sustainability. Speaking at the Business Advantage PNG Investment Conference in Brisbane, he warned of the need to improve the palm oil industry’s global reputation.
IFC to issue Papua New Guinea’s first AAA-rated domestic bond to deepen financial markets
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23 Oct 2018 by Leave a Comment
Following the successful launch of Papua New Guinea’s first sovereign bond, the International Finance Corporation is intending to issue a AAA bond as part of its efforts to deepen the financial markets in Papua New Guinea. John Vivian, IFC’s Resident Representative for Papua New Guinea, tells Business Advantage PNG that it can also assist corporate funding.
Medium Term Development Plan for Papua New Guinea points to sharp economic stimulus
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16 Oct 2018 by 3 Comments
The Papua New Guinea government is planning to sharply increase its economic stimulus, according to the Medium Term Development Plan III. It envisions a ‘strategic shift’ in Budget allocations.
ABAC identifies Papua New Guinea’s fisheries as outstanding growth area
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16 Oct 2018 by Leave a Comment
Papua New Guinea has significant opportunities for employment and foreign exchange from its fisheries, but only if it can develop the necessary policies and infrastructure. That was the conclusion from meetings of the APEC Business Advisory Council (ABAC).
Lae businesspeople express concern at abuse of customs importing system
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9 Oct 2018 by Leave a Comment
Lae businesspeople have told a Customs Department forum they are deeply concerned about some importers abusing the system by under-reporting the value of their imports, or simply not declaring them. Lae Chamber of Commerce Executive member Keith Kingston says another issue highlighted was trade in counterfeit goods.
APEC on track despite frictions over regional trade says Executive Director Bollard
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9 Oct 2018 by Leave a Comment
Preparations for the APEC Leaders Week are going well, according to Alan Bollard, Executive Director of the APEC Secretariat. He tells Business Advantage PNG that the policy work is paying off and the logistical preparations are sound, but there are some tensions over trade.
Sovereign bond an ‘important milestone’ for Papua New Guinea that should affect interest rates, says BSP’s Fleming
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9 Oct 2018 by Leave a Comment
The US$500 million sovereign bond raising will improve foreign exchange cash flows, according to Robin Fleming, Chief Executive of Bank South Pacific. He tells Business Advantage PNG that it represents an ‘important milestone’ for Papua New Guinea’s financial system.
Tourism study reveals visitors to Papua New Guinea spent K260 million in first half of year
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2 Oct 2018 by 3 Comments
A study by the International Finance Corporation has found that for the first six months of the year, there were 34,600 tourist visitors to Papua New Guinea. They spent a total of US$78 million (K260 million), which was an average of US$2262 (K7529) per trip.
APEC Study Centre for improving innovation in Papua New Guinea to open
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2 Oct 2018 by Leave a Comment
The PNG APEC Study Centre is to be officially opened next week at the National Research Institute. According to Dr Thomas Webster, Professorial Research Fellow at the NRI, the aim of the centre is to improve the understanding and enabling of innovation in Papua New Guinea.
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