Papua New Guinea Industry

The aviation sector in Papua New Guinea is set for a major shake up, with government plans to privatise a stake in the national flag carrier later this year. 

Chinese miners are looking to increase their presence in Papua New Guinea’s minerals industry, with two recent acquisitions giving companies from the mainland a firm hold on assets in the extractive sector. 

Small and medium-sized enterprises (SMEs) are to receive new incentives in Papua New Guinea, as the government aims for a 10-fold increase in the number of such businesses, from 50,000 to 500,000, and a five-fold increase in the segment’s contribution to GDP, from 10% to 50%. 

Efforts are being stepped up to ensure the sustainability of Papua New Guinea’s (PNG) fisheries industry as illegal fishing threatens its long-term future. At the same time, the country is seeking to raise quality control to encourage more investment in onshore processing.

A landmark visit in January by Papua New Guinea’s Prime Minister, Peter O’Neill, to the semi-autonomous island province of Bougainville, has paved the way for reconciliation and renewed commercial interest in the region.

After 12 years of consecutive growth, Papua New Guinea (PNG) started the new year by focusing its attention on facilitating a broader and more inclusive model for driving the economy forward. While PNG’s recent fortunes have been fuelled by the $19bn Exxon Mobil-led liquefied national gas (LNG) project, completion of the construction phase is set to change the economic dynamic this year by halving annual growth to an anticipated 4%.