The information and communications technology (ICT) sector in Papua New Guinea (PNG) is fast expanding, with new funding paving the way for industry players to meet rising demand from businesses while moving towards connecting rural communities.
Papua New Guinea
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The government in Papua New Guinea (PNG) has pledged to upgrade its infrastructure after years of underinvestment, a move which will also help plug the construction gap as the country’s mega project, the $19bn Liquefied Natural Gas (LNG) plant, is now completed and the related real-estate boom starts to cool.
The cash-based economy of PNG is currently undergoing a rapid change, with increasing revenues from large liquefied natural gas projects the main driver of the banking sector’s growth. In 2013, the number of active bank accounts in PNG amounted to only 1.5m, compared to a population of 7m. However, with new money flowing into the country, the banked population is expected to continue to grow throughout 2014.
Australian Prime Minister Tony Abbott flew into Port Moresby in late March accompanied by an A-list of his country’s business leaders, with trade and investment on their minds. And, after a loaded and complicated agenda, he left three days later with an economic treaty and the basis of potentially the most productive relationship Australia and Papua New Guinea have enjoyed in years.
The transport networks serving Papua New Guinea are set to receive a $1bn overhaul as the country moves to install the infrastructure needed for the next phase of its economic development.
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.