Prime Minister O’Neill says 2018 will encourage business development and create jobs, IFC identifies niche markets for tourism growth, and Aropa Airport edges towards night flights. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill says the 2018 national budget to be tabled in Parliament this November will encourage businesses and create jobs. He said one of the most important reforms underway was the creation of a more efficient and business-friendly public service.

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Adventure, cultural and historical tourism are areas for potential growth in PNG, according to the International Finance Corporation. Launching an interim report, IFC spokesman Neal Donahue said while targeting niche markets can be challenging given their fragmented nature, the payoff is substantial. Adventure travel is the largest niche market, according to the report. Around 238 million travellers spend more than US$469 billion (K1.5 trillion) globally, with 15,400 of them visiting PNG each year.

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Aropa Airport in Central Bougainville may soon have jet aircraft landings, after Deputy Opposition Leader and Member for South Bougainville, Timothy Masiu, paid K100,000 towards the purchase of precision approach path indicators (PAPI) lights.

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Landowners in Pomio in East New Britain hope the logging giant Rimbunan Hijau will agree to mediation to resolve a dispute over a controversial land lease, reports RNZI. The landowners, with help from the Catholic Church in Rabaul, have initiated legal action over the SABL, or Special Agricultural Business Lease, it has with Rimbunan Hijau.

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A proposal is in place for a multi-million kina fisheries project for the Manus Province to counter a K25 million loss in revenue from the closure of the Regional Processing Centre. Minister for National Planning and Monitoring, Richard Maru, says Manus is an untapped fisheries hub with the potential to stimulate the national economy. The centre was due to close on 31 October.

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Deep sea mining will gain significant interest in the coming decades as land-based ore reserves start to deplete and increasing demand for rare earths and precious minerals boost prices, according to BMI Research, a subsidiary of ratings agency Fitch. As prices for minerals like copper, cobalt and lithium increase and supplies tighten, BMI says it expects miners with the capital might and technological know-how to explore this frontier. But, it warns, environmental criticism will remain the major impediment to deep sea mining in future.

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And finally, PNG has kicked off its participation in the Rugby League World Cup with a 50-6 thrashing of Wales in Port Moresby. Next, the national team faces Ireland on Sunday.