In an effort to reduce dependency on extractive industries, the government has increasingly focused on non-mineral diversification as an economic growth strategy, with an emphasis on domestic industry, tourism and new special economic and industrial zones aimed at attracting foreign investment. Government efforts, including the publication of...
A number of final investment decisions expected in the short and medium terms have the potential to galvanise Papua New Guinea’s economy. State-owned oil and gas company Kumul Petroleum Holdings (KPH), is at the forefront of efforts to create an energy hub in the Western and Gulf Provinces, known as the Kikori Energy Hub. In addition, a number...
Reducing reliance on energy imports and addressing the shortage of power is major goal for Papua New Guinea. To this end, the National Executive Council approved a draft of the PNG Natural Gas Policy White Paper in April 2018, which seeks to better manage the growing oil and gas industry, while deriving more benefits on the domestic front....
Financial inclusion remains persistently low in Papua New Guinea, with an estimated 63% of the population remaining unbanked. This has prompted the Bank of PNG – the country’s central bank – and several private institutions to explore financial technology (fintech) as a means to improve access to financial services. Beginning in mid-2017 the...
Once reserved for ambitious start-ups and industry-leading tech operators, financial technology (fintech) has more recently caught the attention of major private sector firms and government planners alike, becoming a regular feature in budget speeches and strategic development plans. As fintech progressively plays a larger part in the lives of...
Shaped by shifts in supply and demand, Papua New Guinea’s economy has relied heavily on mineral extraction for most of its modern history. On the back of increased gold, copper, nickel and cobalt production, mining revenue expanded by 18.8% in 2017. As prices rebound, growth in mining activity comes at an important juncture, boosting export...
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