More high-quality exports needed for Papua New Guinea, new approaches will assist PNG in meeting energy demand, and Japan’s Pan Pacific expects copper recovery. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill says the country needs to produce more high-quality exports, tailored to meet the specific needs of PNG’s rapidly growing Asian neighbours. Speaking at the launch of the ANZ Bank’s ‘Powering Papua New Guinea into the Asian Century’ report, O’Neill said PNG must embrace the Asian Century Market to take the economy to the next level.

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The ANZ’s Chief Executive, Mike Smith, says new approaches will be needed to assist PNG meet  its ambitious national development plans and underpin a tripling of electricity supply by 2030.  Speaking in Port Moresby he said shifting away from diesel electricity generation and focussing on solar PV, micro-hydro and biomass will save US$5 billion and halve emissions between 2015 and 2030.

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Pan Pacific Copper’s Yoshihiro Nishiyama. Credit: PPC

Yoshihiro Nishiyama, the President of Japan’s biggest copper smelter, Pan Pacific Copper, expects prices for the metal to recover this year to above $6,000 per tonne due to supply problems at Ok Tedi and mines in Chile. 

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Papua New Guinea’s Opposition Leader, Don Polye, believes agriculture can be the saviour of the country’s economy. Polye said more funds should be allocated to the agriculture sector in the next five years to help an economy impacted by lower commodity prices in the extractive industries.

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Ok Tedi Mining Ltd has revealed that all laid off employees have been repatriated back to their home provinces and the mine would be closed until 2016, reports the Post Courier. A company statement said the workers will be paid a retainer during the suspension period.

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State Enterprises Minister Ben Micah says the Government will find out where ‘hundreds of millions’ of kina accumulated over the years and kept in a trust fund for rural electrification projects in districts disappeared to. He said the investigation will look at 89 districts in 22 provinces.

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PNG coffee beans, Credit: AFP

The Coffee Industry Corporation predicts coffee production will remain low this year resulting in lower stock for exporters. Acting CEO Charles Dambui says production hasn’t recovered since most local coffee farmers left their normal coffee activities to be involved with the  2012 elections.

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A farming community in Chimbu province has started exporting bulb onions, The National newspaper reports. In association with the Individual Reform and Restoration Movement (IRRM), has farmed bulb onions since 2005 and exported more than six tonnes to a buyer in Port Moresby earlier this month.

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Agriculture Secretary Dr Vele Pat Ila’ava. Credit: Pnggrinews

The Secretary for Agriculture, Dr Vele Pat Ila’ava, says the agriculture’s sector’s biggest challenge is to build a world class internationally competitive sector. ‘The plan now is to modernise the sector, bring in investments so we set up market systems, move from subsistence to commercial and getting high value products for our farmers.’

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Agriculture industry leaders have called for more government assistance at their Agriculture Stock-take Forum in Port Moresby.

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Prime Minister O’Neill says the government may terminate the K560 million China Railway International contract to build the Lae-Nadzab highway because of slow progress.

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The Stret Pasin Business Incubator scheme run by National Development Bank Investments is set to host the first inaugural annual Entrepreneurial Youth Summit from September 8 to 9 in Port Moresby to encourage youths to be more involved in business.

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Australian oil and gas junior Rawson Resources Ltd has moved to secure a number of exploration licences in Papua New Guinea after making applications to the Department of Petroleum and Energy. The company has been encouraged that exploration in PNG has remained buoyant despite lower commodity prices and believes opportunities remain in the country.

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Trukai Industries has approved rice harvested from a local farming project in the Kairuku-Hiri district will be used in its Roots Rice packaging. The project is expecting an additional 100 hectare expansion for its 2016 season.

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LNG Japan Corporation has signed an MOU with the National Petroleum Company to collaborate on opportunities to market gas and other petroleum products abroad.

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And finally, New Zealanders are being asked to select one of 40 flag designs to possibly replace their existing flag. Designs with a silver fern are early favourites in an online poll—although the leading flags also retain the Southern Cross.