Although consumer spending has weakened recently, in the long term the country will benefit from economic growth and related foreign investment, which will in turn help support consumer demand. New firms are being developed, while existing business are improving their operations. The retail sector is developing rapidly, and shopping malls are proving increasingly popular compared to the...
Papua New Guinea’s transportation sector looks to be turning a corner as a number of substantial infrastructure upgrades are now in full swing. Under the PNG Strategic Development Plan 2010-30 the government aims to expand the national road network from 8460 km in 2014 to 25,000 km by 2030 and raise the proportion of roads in good condition from 28.7% to 100%. The government is encouraging...
While communications will always be difficult in a country where much of the population is geographically isolated and the terrain is so challenging, the relevant infrastructure in PNG is quickly developing towards international standards – and at prices that are near to international norms. For example, prior to competition entering the market, mobile phone SIM cards were sold for $54;...
In spite of the logistical challenges posed by Papua New Guinea’s geography, strong global demand for raw materials against the backdrop of the commodity super-cycle continues to fuel investment in the country’s mining sector. Mining and petroleum taxes are expected to increase their contribution to the national budget, rising from $331.6m in 2013 to a projected $406.5m for 2014. Joint-venture...
The near future will bring positive change for the energy sector and the economy as a whole, as the investment and construction phase of the $19bn Papua New Guinea liquefied natural gas (LNG) project winds down and the first shipments of gas begin to flow. Progress is also being made in the utilities sector, with major power generation projects and the expansion of water and sewage networks....
The market has seen several new entrants in recent years, with the total number of licensed insurance underwriters reaching 14 in 2014. While limited in size and reach, the insurance market in PNG recorded double digit growth in five years to 2013. Driven by the non-life corporate segment, growth has attracted a number of new players. However, the market remains shy of its potential, with low...
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.
Register Here×