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...
Although still fledgling, Papua New Guinea’s capital markets have strong prospects for growth as the economy looks forward to significant foreign currency inflows linked to the liquefied natural gas project and the development of new resource projects. With 13 dual-listed stocks on the exchange, share prices on the Port Moresby Stock Exchange are highly dependent on movements in foreign...
Despite significant challenges linked to poor infrastructure, inadequate credit information and a largely rural population, commercial lenders are developing innovative means of broadening the sector’s reach. Framed by the government and the country’s central bank, the National Financial Inclusion and Financial Literacy Strategy encourages private banks, microfinance institutions, non-bank...
Buoyed by high commodity export revenues and, since 2009 the development of the Papua New Guinea Liquefied Natural Gas project, GDP growth has remained above 6% since 2007, reaching 8.9% in 2011 and 8.1% in 2012. A heavyweight among the Pacific Island states, PNG, together with Fiji, accounted for 80% of regional GDP in 2013, as per UN figures. Agriculture, fisheries and forestry made up the...
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