Despite being the biggest Pacific nation, Papua New Guinea is lagging behind its neighbours, holding only 10% of the regional tourism market, says the Governor of the Bank of Papua New Guinea, Loi Bakani. And on a global scale, PNG ranks last in terms of benefitting economically from tourism activity. Although endowed with rich environmental and cultural resources, the tourism industry has contributed little to PNG’s economic growth, the Governor of the Bank of Papua

The entry of the global French-based energy giant, Total SA, has prompted the first French-only trade delegation to Papua New Guinea, which will visit Port Moresby and Lae next week. Delegation Leader, Arthur Lenoir, explains the rationale for the trip to Business Advantage PNG. Business Advantage PNG (BAPNG): How many people are part of your delegation to PNG? Arthur Lenoir (AL): The French Delegation to PNG consists of 12 different companies, 20 people in total,

The suspension of a second mine in Papua New Guinea has highlighted the impact of the El Nino drought, which is also severely affecting the agriculture industry. Just how long the drought continues for will determine the long-term effects, according to Paul Barker, the Executive Director of the Institute of National Affairs. The second mine to be suspended because of the drought is the Porgera gold mine in the Highland’s Enga province. Barrick (Niugini) Ltd,

IPA changes for 2016  Over the past 2 years, the IPA has been undergoing a significant process of reform with the aim of moving its functions wholly online. This process has also been in conjunction with amendments to the Companies Act which, among other matters, have introduced changes for compliance processes for entities that are operating in PNG. The Companies Act amendments have been passed and gazetted – but the implementation through the Registrar of

As Papua New Guinea’s business community continues to face foreign exchange shortages, ANZ Bank has called for a relaxation of the enforced trading band for the kina. Meanwhile, analysts say the kina is facing further downward pressure from the US dollar. Since the Bank of Papua New Guinea, the country’s central bank, restricted the trading range for the PNG kina and the US dollar in June 2014, ANZ analysts Glenn Maguire and Dan Wilson say

Satellite-enabled phone and data services have often been considered a technology of last resort, due to relatively high costs and quality constraints. However, Dutch company O3b is pioneering the next generation of cheaper, more reliable satellite communications in Papua New Guinea and the Pacific—good news for a region where getting connected can be a major challenge. Its title is straight out of a Star Wars movie–O3b—and it refers to ‘the other three billion people on

Papua New Guinea has the perfect climate for solar, and is the key to achieving an ambitious government plan to bring electricity to the 70 per cent of Papua New Guineans who currently don’t have access by 2030, according to Rick Hooper, Chief Executive Officer of Sydney-based solar company, Barefoot Power. Barefoot Power assists people in developing countries with access to affordable renewable energy–with the focus firstly on providing lighting. It has been operating in

The CEO of Telikom PNG predicts all Papua New Guinea will be able to connect to the Internet within two years. In a wide-ranging review of PNG’s telecommunications industry, Michael Donnelly canvasses lower prices, new investment, takeovers and the impact of competition policy. Within two years, 100 per cent of Papua New Guineans will have access to modern communications technologies, including the Internet, as a result of a concerted effort to ensure everyone has access

Forty years ago this week, Sean Dorney was one of the journalists on the spot for Papua New Guinea’s declaration of Independence. He covered it for the country’s National Broadcasting Commission and later spent 17 years in PNG as an ABC correspondent. He reflects on PNG’s journey as an independent nation. The flag-raising ceremony on Independence Hill, near the present-day PNG Parliament, on September 16, 1975, was slightly delayed because Imelda Marcos, wife of the

Woodside Petroleum and Oil Search confirmed yesterday that two of Australia’s oldest oil and gas companies have sat down for coffee to discuss a shared future, a move that could delay the Browse FLNG project further. Woodside has made a non-binding indicative proposal valued at around $11.65 billion to the Papua New Guinea-focused Oil Search for one Woodside share for every four Oil Search shares. Woodside’s confidential and non-binding proposal to merge through a scheme

After two years of research and hearings, the PNG Tax Review Committee is due to present its final report to Government next month. PricewaterhouseCoopers PNG’s Jason Ellis looks at the tax reform measures it is likely to recommend. The Committee is expected to recommend the reductions in tax rates be funded by an increase in the GST rate, introduction of a capital gains tax to broaden the tax base, and restrictions on tax concessions. The