The World Bank forecasts positive economic growth for Papua New Guinea, Trukai Industries gets ISO recertification. and new seafood holding and distribution facility to open in PNG. The business news you need.

In its latest economic update, the World Bank forecasts PNG’s economy to expand to four per cent. Credit: World Bank

National

Last week, the World Bank launched its latest Papua New Guinea economic update: Benefiting from High Commodity Prices. The report looks at PNG’s economy, which is forecast to grow to four per cent in 2022, up from one per cent in 2021. The ‘return to growth’ forecast is mostly driven by a strong performance of the non-extractive sector, with agriculture being a key contributor thanks to the higher export volume of tea, palm oil and copra. (World Bank)

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The organisation Konebada Petroleum and Park Authority will soon close. It was established in 2008. Minister for International Trade and Investment, Richard Maru, said: ‘The accounts have been frozen and from what I was told by the chairman of the special economic zone authority, we are going to close the organisation, lay off all the staff, and look at how we can move it to the special economic zone authority and oversee the administration of the park until we find investors who we can locate within the park.’ (The National)

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A record tax revenue collection of K9.7 billion was announced last week. Prime Minister Marape said this was the highest record collection ‘ever since 1975’. The Internal Revenue Commission net transfer to the Waigani Public Accounts was K9.4 billion, ‘as projected by the 2022 National Budget’. (IRC)

Fisheries

PNG’s first seafood holding facility was launched during the 10th Seafood Expo Asia 2022 in Singapore. The holding and distribution facility will receive live mud crabs and seafood products from PNG waters that will then be distributed to international markets. The National Fisheries Authority and the companies Zavath Seafood Ltd (PNG) and One Solomon Pte Ltd (Singapore) are involved in the project. (Post-Courier)

Agribusiness

After being audited in August this year, Trukai Industries has received its recertification for meeting the global standard for occupational health and safety management systems under the ISO 45001:2018 standard. ‘The significance of the achievement of being certified to Occupational Health and Safety Management Systems (OHSMS) demonstrates the commitment Trukai Industries has towards providing a safe workplace where the risk of illness or injury to workers or customers in minimised or eliminated.’ (Post-Courier)

Mining

Raibus Security Service and Ramu NiCo Management have signed a K23.7 million contract. The security company provides services to three Ramu Nickel Project sites. The contract will create about 200 jobs for landowners and locals. (Post-Courier)

Photograph of the week

Nasfund Member Job Inimup and Chief Executive Officer Ian Tarutia [right] during the opening ceremony. Credit: Nasfund

Nasfund has opened its second Client Service Centre in Lae on Malekula St. Nasfund’s member Job Inimup officially opened the new service centre. Ian Tarutia, Nasfund’s Chief Executive Officer, said: ‘The opening of this centre is part of efforts to improve our service to members, all across the country. In the coming weeks, we will also be opening our new and improved service centres in Milne Bay Province, as well as two additional service centres in NCD.’ (Nasfund)