Industry & Retail

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 helped matters, as trouble sourcing dollars encouraged the consumption of domestic products. Efforts to reduce foreign currency outflows by encouraging self-sufficiency and curbing over-reliance on imports have also supported the sector. With a more relevant and consistently enforced legal framework, which includes the imposition of protective tariffs on products that are produced locally, PNG businesses have a better chance to compete. This chapter contains interviews with Chey Scovell, CEO, Manufacturers Council of PNG; and Ian Clough, Chairman, Brian Bell Group.