Category Archives: Trade

PM Backs PNG In Trade Deal

By HELEN TARAWA in Da Nang, Vietnam

 

PAPUA New Guinea is well placed in the region to participate in the bilateral trade agreement with the 11 nations forming the Trans Pacific Partnership, says Prime Minister Peter O’Neill.

He told the Apec Leaders’ summit in Da Nang, Veitnam, that the country was easily accessible to markets in China, Japan, Malaysia and Indonesia.

“PNG is an emerging economy and one of the fastest growing in the region, averaging about 6 per cent in the past 15 years,” he said.

He said Malaysia, Australia, Japan and the United States were “big investors in PNG”.

“There are good opportunities for companies and countries to invest in our country,” O’Neill said.

“Our sectors energy and mining industries are among some of the global deposit reserves and that gives them that opportunity to invest in.

“We are also located in the region where we are very easily accessible to the markets in China, Japan, Malaysia and Indonesia where there is a large population demanding our resources.”

On security, O’Neill said: “When we discuss security in the region, it is always related to the trade and investments that are falling within our economies.”

He said security was crucial to ensure there was stability in trading and investment opportunities.

“There must be continuing dialogue between all parties. Continuous stand-offs and threats against each other do not help in investment opportunities in the region,” O’Neill said.

“The Asia-Pacific is a strong growth area for the world economy so we must manage security issues by having more dialogue with each other.”

Pacific Lama Traders continues to support schools in ENB

August 29, 2017
Source: The National
PACIFIC Lama Traders Ltd, a major copra exporter in East New Britain, is continuing its support to schools.

Recently 30 primary schools received school supplies worth K1000 from Pacific Lama Traders Ltd and its overseas buyer, Holland Commodities International.

Director John Seeto said the support was a token of appreciation and they looked forward to continuing the relationship with growers in ENB.

He said Pacific Lama Traders Ltd was now in its 10th year of buying and exporting copra which started in November 2007.

“During this time, support for the community has always been important to us,” Seeto said.

“This is evident in past contributions to schools, sports teams and health centres.”

He said his family have been in Papua New Guinea for 100 years and his children were fifth generation residents.

“My great grandfather had copra and cocoa plantations at Warangoi many years ago so our family’s connection with the copra industry is a long one,” he said.

“Over the generations, we continue to do business here while maintaining strong and harmonious ties with the people of East New Britain and Papua New Guinea.”

Head teacher of Bitapetep Primary School Adah Kuam thanked the company.

Govt eyes oil, rice production

August 29, 2017
Source: The National

THE Government will embark on a major import replacement drive for crude oil and rice under the Government’s 100-day plan.

Deputy Prime Minister and Treasurer Charles Abel, pictured, said crude oil and rice were the major consumers of foreign exchange.

Under the plan:

  • Oil Search will provide 50 per cent crude oil from PNG oilfields to the Napa Napa oil refinery;
  • There will be a transition to locally-produced gas to fuel PNG;
  • A rice-import quota scheme will be implemented to encourage local production; and
  • Bank of PNG will provide direct intervention of US$100 million (K317m) over three months.

 

“Our economy and our country continue to have these fundamental structural imbalances that we need to be more serious about in terms of moving to true sustainability,” Abel said.

“The fact that we rely too heavily on extractive industry projects, and then we go from boom to bust when we should be relying on more sustainable industries that we don’t take that seriously.

“The fact that we rely too heavily on imports, that we send out all our natural resources, and end up with all but the finished goods and we are always looking for foreign currency to buy those goods. The biggest consumer of foreign exchange in this country is our fuel import bill.

“The second one is our rice import bill.

“Here we are producing oil and gas, here we are with huge natural water resources, and here we are with the highest cost and drain on our foreign currency being the bill to import fuel. Crazy.

“Here we are relying on rice for our staple diet, nothing wrong with eating rice, but to me there’s something fundamentally wrong about relying on imports of that rice to feed ourselves.”

 

Highlands Honey producers doing well

BY RIODAN BEGUSHAR

Highlands Honey, a subsidiary of the New Guinea fruits company based in Goroka is focused on helping farmers increase production on a larger scale.

This was revealed by extension officer of Highlands Honey Solomon Loie in Lae, saying providing bee farmers with equipment, bee boxes allowances and working with the them in Goroka would achieve the elevated status.

“We at Highlands Honey provide bee farmers with technical advice and equipment,” he said.

Mr Loie said they provide advice on how to manage hives, transportation and provide them with bee boxes.

He said Oxfam Pacific International provided fuding and materials to continue work with the farmers.

“We receive funds from Oxfam PNG to support local bee farmers to produce honey, the farmers then sell the honey to us and we bottle them and market them out in shops,” he said.

“While working with bee farmers we stress more on quality and quantity, that is make them produce best and sweat honey at larger amounts.”

He said in Goroka they have two major honey producers, the Highlands Honey and the Helping Hands Honey producers.

“We the honey producers based in Goroka partner with Oxfam PNG to increase the work of bee farming in Goroka and other centers of the highlands region, since highlands climate is suitable to farm bees,” he said.

“The funds given to us by Oxfam is all directed towards helping the farmers by providing fuel for transportation, boxes or hives for honey and allowance for farmers, not only practical equipments but we also provide training and bee farming lessons for the farmers.”

Owner and founder of Helping Hands Honey Producers Kelly Phanta Inae added that their main aim is to develop the honey industry in Papua New Guinea.

“We have started the bee farming in 2006, and had produce honey at small scale, but after partnering with Oxfam PNG the standard as rose, more famers have been recruited and bee producing in Goroka is increasing,” Mr Inae said.

Kongo Coffee achieves milestone in exports

Kongo Coffee Limited successfully air freighted 900 kilograms (15 x 60kg bags) of its premium green bean brands to Japan last month.

Historically it is a first for them in their exporting business.

“It marks a very significant and special event for Kongo Coffee Limited and the entire PNG coffee industry,” said Jerry Kapka managing director.

“This goes to demonstrate that our coffee is very special and can attract very good buyers from Japan and other parts of the world,” he said.

Kongo Coffee Limited is a leading exporter of premium and specialty coffee brands to Japan and other parts of the world.

The company has been exporting the brands including its Elimbari specialty coffee to very reputable coffee roasters and traders in Japan for over 15 years.

Japan, importing over 8 million bags annually, is the third largest importer of coffee behind the United States and Germany.

Japan presents a very good market for PNG coffee thus, all serious and intending exporters are encouraged to explore the opportunities.

Trade, Commerce keen to stay with marine zone project

August 21, 2017

Source: The National

Secretary John Andrias says the Department of Trade, Commerce and Industry is happy to continue owning the Pacific Marine Industrial Zone (PMIZ) project in Madang.

 
“There was a NEC decision to transfer the ownership to KCH (Kumul Consolidated Holdings) but I believe there is a KCH board resolution, so basically we will revisit and take the matter back to NEC to leave the project to be implemented by (Department of) Treasury and Commerce and Industry,” Andrias said.

 
“We are happy to take on board and re-negotiate the new loan through the China Exim Bank if they are able to come on because they were the first to commit so we had the design completed in line with their funding.”

 
Andrias said the project was designed to cater for 10 canneries.

 
“Once the project is developed, we intend to host about 10 canneries. So far we have six.

 
“If we have space for 10, basically all the fish that is caught has to be brought onshore, and future – there could be policy interventions.

 
“We can look at innovative ways of bringing in all the catch for processing.

 
“We can simply give them licence to fish and bring all the fish onshore and the state can say certain percentage is free, maybe 50 per cent is free to be put into the cool storage where it can be auctioned and sold to processors.

 
“The risk of going out and owning a fishing vessel and fishing with all the additional costs, we have passed it on to the fishermen.”

 

Trade Talks Fruitful, says Fiji Minister

Fiji’s Minister for Industry, Trade, Tourism, Lands and Mineral Resources Faiyaz Koya says his talks with new Foreign Affairs Minister Rimbink Pato on trade were fruitful.

Mr Koya said the meeting in Suva last Friday involved discussions on the “way forward” with the Melanesian Spearhead Group Trade Agreement.

The two countries were involved in a trade dispute early in the year over the importation of PNG products Ox and Palm corned beef, Trukai Rice and Lae Biscuits into Fiji.

“We are looking forward to a fruitful relationship with PNG. Fiji and PNG have a lot in common.

“We discussed a few things about the way forward on the MSG Trade Agreement and a little bit on PACER Plus.

“The thoughts are pretty much the same, with respect to both countries.”

Fiji had maintained the position that talks were still going on when Pacific Agreement on Closer Economic Relations (PACER) Plus was signed in Tonga. Fiji, PNG and Vanuatu, all MSG members, were absent. Fiji said it was not consulted. When asked if Fiji’s stance on PACER Plus had changed, Mr Koya said: “We haven’t really moved too much with that.

“However, there is some work that’s going on behind the scenes between the officials.

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