Latest ANZ Pacific Report highlights Papua New Guinea’s economic potential, Santos posts record production largely due to PNG and a new partnership between Paradise Foods and PHAMA Plus. Your business news in nutshell.

Representatives of PHAMA Plus and Paradise Foods during the signing of the agreement between both entities to help Queen Emma Chocolate farmers achieve the organic certification in Australia and New Zealand. Credit: PHAMA Plus

National

A Japan Development Institute (JDI) delegation headed by CEO Dr Shoichi Kobayashi arrived this week in PNG to help the Government develop a master plan for the Special Economic Zones (SEZs). PNG has identified 15 potential SEZs.

Minister for International Trade & Investment, Richard Maru, said: ‘The last thing that we want to do as a country is to develop many failed SEZs like many other countries have done.’ (Post-Courier)

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In the latest ANZ Pacific Report, the authors, economists Kishti Sen and Tom Kenny, say that ‘PNG is set to become the “Powerhouse of the Pacific”, with large resource and energy sector projects lined up to expand capacity and boost the nation’s commodity exports.

They suggest the Pacific islands can also benefit from this grow by boosting exports to PNG, including labour across sectors such as IT, finance and hospitality to train and build the country’s workforce. A closer economic relationship, they say, in which PNG exports to the Pacific islands LNG and its organic fruit and vegetables, can translate into a ‘win-win’ situation. (ANZ)

Agribusiness

A new partnership between PHAMA Plus and Paradise Foods Limited will see PHAMA Plus help the Queen Emma Chocolate network of farmers attain the organic certification for the Australia and New Zealand markets. This responds directly to feedback and market demand for certified organic products. (Paradise Foods)

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Trukai Industries has been giving away sustainability kits to rice farmers with enough land (100 hectares or more) to sell their surplus and earn income from it. The kits enable farmers to mill their rice harvest.

Trukai Industries Limited rice development manager Aina Davis said Trukai have more than 200 farmers already doing rice farming and, under their smart farmer program, they are providing training to allow them to do more on a commercial level. (Post-Courier)

Resources

Cutting the ribbon of the roof-top solar power system at MRA’s Mining Haus. Credit: MRA

Santos achieved record year-to-date sales revenue of US$5.9 billion (K20.7 billion) for the third quarter of 2022, up 86 per cent on the corresponding period last year.

Third quarter sales volumes were nine per cent higher than the prior quarter primarily due to ‘increased PNG LNG volumes’. Just over 40 per cent of Santos’ total production for the quarter  – 10.6 million barrels of oil equivalent – came from PNG. (Santos)

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The Mineral Resources Authority (MRA) has installed a PV solar power system on the roof top of Mining Haus and has joined the PNG Power Limited‘s roof-top solar photovoltaic pilot project. The solar power system will help MRA slash its annual electricity bill by about 60 per cent, or about K650,000. (MRA)

Bougainville

During the 2022 Bougainville Trade and Investment Conference, Bougainville’s Prime Minister Ishmael Toroama said the autonomous region is one of the ‘most resource-rich islands in the Pacific’.

‘We have an abundance of natural resources with the potential for development in the mineral, agriculture, fisheries and tourism industries.

‘Our potential for resource development presents a very lucrative opportunity for investors willing to invest in Bougainville and at the same ti9me the Bougainville Government can capitalise on this opportunity to boost internal revenue.’ (Post-Courier)