With a strong agrarian culture and a population still highly involved in the farming sector, agriculture in Papua New Guinea is one of the country’s largest economic contributors. While mining revenues have dominated exports since the 1970s, farming and forestry sustained the country in previous decades and are still the country’s largest employers...
While few in the transport sector expected Papua New Guinea’s transport modalities to adjust in time to the rapid acceleration in demand precipitated by the $15.7bn ExxonMobil-led liquefied natural gas (LNG) project, delays and cost increases estimated at between 40% and 60% by the World Bank, are the source of continued frustration. Capacity...
As one the Pacific Ocean’s largest fishery zones, encompassing some 2.4m sq km of exclusive water territory, PNG is home to more than 10,000 identified species of fish, molluscs and crustaceans. The country currently operates six primary fisheries, the most productive being the tuna catchments, along with prawn, lobster, sedentary, inshore and...
In 2011 Papua New Guinea’s economy was expected to experience 8.9% growth, driven primarily by the development of the $15.7bn ExxonMobil-led PNG Liquefied Natural Gas (LNG) project and its knock-on effects in the construction and related economic sectors. Further growth in 2012 will represent 12 years of uninterrupted economic expansion, and PNG’s...
Although it has 470,000 sq km of territory, just 5% of Papua New Guinea’s land is available for economic development, according to the National Research Institute (NRI). This long-standing paradox has impeded economic progress. However, a recent amendment issued in 2012 to the 2009 Incorporated Land Group (Amendment) Act (ILGA) provided the catalyst...
As Papua New Guinea prepares to enter an unprecedented resource boom fuelled by massive resource investments, retailers are optimistic the influx of investment dollars and subsequent revenue streams will translate into a corresponding rise in consumption. Proceeds from the $15.7bn liquefied natural gas (LNG) project are expected to be as high as $...
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