Prime Minister James Marape is intent on putting agriculture, forestry and fisheries at the forefront of the government’s development agenda, with an eye to boost downstream processing of farmed resources. As attempts to galvanise the sector spur the development of Papua New Guinea’s key crops and catches, reforms are under way to ensure the country maximises the potential of its rich soil and...
Papua New Guinea’s hosting of the 2018 APEC Leaders’ Summit proved to be something of a catalyst for the construction sector. Although the authorities had to mitigate the shortage of high-end hotels in the capital city by hiring cruise liners to accommodate international delegates attending the event, a host of construction projects were launched to meet the other infrastructure needs of the...
The quality of a destination’s transport infrastructure is key to attracting foreign investment. In Papua New Guinea this is an area with room for improvement. The poor condition of roads, ports and airports has raised the cost of doing business and rendered a number of sectors of the economy increasingly uncompetitive. Because of this, inland transport costs currently account for 10-15% of...
Although Papua New Guinea relies mostly on fuel oil and diesel to generate electricity, it holds an abundance of gas, geothermal, hydro and solar energy potential. If exploited sustainably, PNG could not only meet its domestic energy requirements, but also supply reliable, cost-competitive power to its neighbours. The extractives industry is the highest consumer of energy, at 45% of the total...
The mining industry is one of the main pillars of economic growth in Papua New Guinea. In 2017 the sector accounted for 29% of GDP and generated 86% of export revenue. Gold and copper account for the majority of mining export revenue, respectively comprising 76.8% and 13% of total sector exports in the first five months of 2019. The mining industry also remains an important source of job...
Papua New Guinea has made strides in recent years to expand its capital markets and promote liquidity. However, the performance of the country’s stock exchange – which changed its name to PNGX Markets in July 2019 – has been affected by a series of economic disruptions. The 7.5-magnitude earthquake that struck PNG in February 2018 contributed to a contraction in economic activity for most of...
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