Business concern about Papua New Guinea’s new foreign investment laws, a new strategy to develop the financial sector and Oil Search CEO receives award. Your weekly digest of the latest business news.

The current ‘value chain’ built over the years on the back of both local and foreign investment runs the risk of being broken if government goes through with its passage of various bills and amendments in relation to foreign investment in the country, says the PNG Chamber of Commerce and Industry‘s John Leahy (Post-Courier).

***

Over three million Papua New Guineans have access to banking but there is a need for more, said Deputy Prime Minister and Treasurer Charles Abel at the launch of Department of Treasury’s Financial Sector Development Strategy 2018 – 2030 and National Financial Inclusion Policy in Port Moresby last week. (The National)

***

Oil Search Limited Chief Executive Peter Botten has been made a Companion of the Order of Australia ‘for eminent service to Australia–Papua New Guinea relations, particularly in the oil and gas industry, and to social and economic initiatives.’

***

The country’s first ever simulation gas processing plant at the Kumul Petroleum Academy is soon to be commissioned. (Post-Courier)

***

The PNG Manufacturer’s Council has raised concerns over the rise in illicit trade and reaffirms its call to have an independent taskforce on illicit trade. (The National)

***

The government’s tax credit scheme will be relaunched next month, according to Minister for National Planning and Monitoring Richard Maru.

‘The rates will be 2 per cent across the board across all industries,’ he is quoted as saying. (Post-Courier)

***

Total exports have more than doubled in value in kina terms over the past six years, according to a report from the Institute of National Affairs.

Exports increased K13.3 billion in 2013 to around K34 billion last year, it stated. (The National)

***

Mayur Resources Ltd has secured up to US$25 million (K82 million) in funding from China Titanium Resources Holding Limited (CTRH) for a 49 per cent stake in Mayur’s subsidiary MR Iron PNG Pte Ltd (MIPP).

The subsidiary holds the Orokolo Bay Project as part of Mayur’s prospective industrial mineral sands portfolio in PNG. (Proactive Investors)

***

A 21-day dusk-to-dawn curfew that comes at a cost of K2 million will be imposed in Milne Bay, and a Police Tactical Force team is on the ground to apprehend a criminal gang causing havoc in the province. (Post-Courier)

***

Trading in shares PNG Air have been suspended ‘following failure to lodge its periodic report for the period 31 Dec 2017,’ according to the Port Moresby Stock Exchange.

***

The merger of state-owned water utility companies Eda Ranu and Water PNG is nearly complete, according to responsible minister William Duma.

‘By March, we will be able to present the amendments to the two governing legislations, namely the National Water Supply and Sewerage Act 1986, which applies to Water PNG, and the National Capital District Water Supply and Sewerage Act 1996, which applies to Eda Ranu,’ he is quoted as saying.(Post-Courier)

***

The national government has approved K4 million for the rehabilitation of the Lae Coffee Industry Corporation export office. (Post-Courier)

***