The great majority of economic activity in Papua New Guinea takes place outside the formal economic system. Indeed, according to AusAID, the Australian government’s international aid entity, some 85% of PNG’s economy is informal, primarily consisting of semi-subsistence agricultural activities. A substantial percentage of the informal businesses in...
Occupying the eastern half of the island of New Guinea and hundreds of adjacent smaller islands, Papua New Guinea is an important exporter of metals ( particularly gold and copper) and agricultural products such as coffee and palm oil. The country is also set to become a major exporter of gas, which should significantly increase the size of the...
THE COMPANY: Credit Corporation (CCP) began business in 1978 as a general finance company, and has grown to become one of Papua New Guinea’s most progressive institutions. CCP specialises in providing a range of financial products and services and, through its subsidiaries, it owns and manages a portfolio...
Perhaps no other project has had greater expectations riding on it than the Papua New Guinea liquefied natural gas (PNG LNG) venture, the largest single investment in the country’s history. It is hoped that the $15.7bn investment will enrich not only the coffers of the participating firms and the government, but also aid the wider economy. The...
Since large-scale mining was initiated in the 1970s at the Panguna copper mine in Bougainville, the revenue derived from mineral extraction has served as the backbone of Papua New Guinea’s economy. While Panguna is no longer operating, a host of new largescale gold mines have stepped up to fill the void and now contribute the vast majority of the...
Despite a number of ongoing challenges, Papua New Guinea’s banking sector is poised for expansion in the coming years. The industry has seen significant growth over the past decade, primarily as a result of government leadership and rapid development in the economy due to a handful of major energy and mining projects. In general, three commercial...
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