The property market in recent years has been heavily influenced by extractive projects and, more recently, Papua New Guinea’s hosting duties as chair of the APEC forum in 2018. These have created a serious gap in supply and demand, which has affected prices.
Industry has emerged as one of the bright spots in Papua New Guinea’s economy in recent years, providing a buffer against downturns in the commodity cycle. As natural gas prices fell and related businesses struggled, manufacturing held its own. The weak currency and the lack of foreign exchange that accompanied the downturn may have actually...
In an attempt to persuade foreign-owned fishing vessels to process their catches from Papua New Guinea waters at local facilities, Prime Minister Peter O’Neill announced the cancellation of a fishing fee subsidy in December 2017 and replaced it with a rebate for processing seafood onshore. While the move is designed to improve PNG’s fisheries...
The arrival of Jamaica-based telecoms firm Digicel in 2007 was a game-changer for Papua New Guinea’s ICT sector. The country’s internet penetration rate rose from just 1% at the time to 11.7% in 2016, while the mobile phone penetration rate also jumped considerably, from 1% in 2005 to nearly 50% in 2017.
The government of Papua New Guinea has ramped up connectivity efforts, with strategic agreements and infrastructure investments expected to increase international arrivals in the coming years.
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