Category Archives: Business

O’Neill Explores Opportunity with QATAR

By : Post Courier

 

Prime Minister Peter O’Neill has welcomed the opening of discussions with Qatar to initiate co-operation opportunities in the oil and gas, food production and processing and the financial sectors.

Taking part in a two-day official visit to the State of Qatar, at the invitation of its Prime Minister.

Mr O’Neill said now is the time to work with more partners in the global community to strengthen key sectors of the economy.

Meeting with Qatar’s Minister of Economy and Commerce, Ahmed Bin Jassim Bin Mohammed Al-Thani, in Doha last night.

Mr O’Neill said there are several opportunities the two countries will pursue in the coming months.

“Qatar has an economy that shares several economic synergies with Papua New Guinea, particularly in the oil and gas sector,” he said.

“Over the past decade, they have built a leading presence in the LNG sector and works with several of the same companies as Papua New Guinea.

“While both of our countries are active in the market, there are opportunities to work together on technical issues, and there is the potential for investment.”

He said as the country prepares for the next LNG project, it is important for PNG to work with other countries and gain from their experience as well as strengthen our position as a nation.

Mr O’Neill said there is also interest in Qatar to be active in Papua New Guinea’s expanding agricultural sector.

“Strengthening domestic food security in, as well as expanding our export markets, is essential for our country.

“We have enormous potential in our agricultural sector, but we cannot do this alone. We need to be proactive in attracting foreign investment, as well as strengthening our technical and skills capacity,” Mr O’Neill said.

Qatar has made substantial investments in several countries around the world and is looking at further expansion.

“We will maintain a dialogue with the Qatar government and relevant agencies as we explore the potential for investment growth and technical co-operation with the nation,” the prime minister said.

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.”

Internet Cost on APEC Agenda

BY : The National

 

High Internet costs will be among the areas of focus for the Apec Business Advisory Council (Abac) when it hands over the task to Papua New Guinea for 2018.

Abac co-chair David Toua said it would be an opportunity to look at opportunities for PNG.

“One of the good things about being part of Apec and Abac is that we get to see what goes on in 20 other colleague economies,” he said.

“Our responsibility is to look at those examples and see how we can utilise that within PNG.

“It’s very evident that reliable, affordable broadband is a massive plus for other economies.

“Our challenge is to sit down with Government agencies and highlight the advantages to be gained.”

Toua said these included programmes to help people socially and economically, and emulating success stories of other Apec economies.

He said the Government already had an agreement in place to bring down Internet costs through a fibre optic cable.

Meanwhile, Toua said having Apec economies and businesses in PNG for a whole year in 2018 would open up new opportunities.

“There is a certainly a broad spectrum of development from the Apec economy,” he said.

Govt Urged to Review Business Act

By : POST COURIER

There is an overwhelming need for the government to review the business act dealing with reserved businesses.

About 400 people involved in both the Bank South Pacific’s small medium enterprise (SME) had unanimously called on the government to protect the reserve businesses for the nationals.

The entrepreneurs had called on Trade and Industry Minister, Wera Mori to take it up with the cabinet in light of what they dubbed as “unfair competition from Asians, who ventured into reserved businesses like mini retail outlets, bakery, restaurants and bottle shops.”

The local entrepreneurs were lured to Goroka’s Pacific Gardens hotel for a four-hour SME roadshow by the BSP yesterday. During the session BSP’s head of SME (retail) Stanerd Wai, presented the SME market overview touching areas on how aspiring entrepreneurs would qualify for loans and what they must do to repay the loan with interest within the given time frame.

“In business activities you must be prepared to take risks, be disciplined and be an industrious person. Pay yourself wages and meet other obligations from the net profit and don’t squander money,” Wai told the participants.

“Some of the net profits can be reinvested into the business. Always maintain an amicable relationship with the bank.”

BSP Goroka branch manager Livi Koki urged the participants to be creative, using their God-given natural talents and be disciplined if one wants to prosper in whatever businesses they venture. Bank officer Lucy Venove talked about SME package while Noko Uvovo explains SME loans. Goroka town manager Harold Abori emphasised the importance of acquiring a trading licence from the municipal authority before engaging in a business activity in the Eastern Highlands capital.

Three successful entrepreneurs were given an opportunity to testify how they are now after securing SME loans from BSP. They are former journalist John Ewande (Highlands Press Publications), Pastor Livai Wapia (guesthouse) and Chris Karmel from the Highlands Technical Service.

BSP’s highlands regional manager Reuben Ekizah was also present at the roadshow.

Oil Search Renews Contract With Link PNG

By : The National

 

OIL Search has renewed its contract with Air Niugini to provide services to the company through Link PNG, the airline’s subsidiary.

Oil Search managing director Peter Botten thanked Air Niugini staff for the quality of service they had been providing.

“We sincerely appreciate the efforts of Air Niugini and Link PNG and, especially the staff who have given us outstanding service. I want to express my personal appreciation to the staff who are such an important part of our logistics and support network,” he said.

“I know of numerous occasions where the staff have gone beyond there normal expectations to deliver a great service to us.”

Link PNG general manager Bruce Alabaster said that it was the continuation of an 11-year arrangement with Oil Search.

“We provide a dedicated aircraft that flies six days out of every seven from here to Moro, from here to Kiunga and also through Moro and Cairns. In addition, we provide a lot of ad hoc flights,” he said.

“It’s a new contract that extends our relationship into the next three years but is something we have been doing for the past 11 years.

“Air Niugini has provided over 8 million kilometers of safe travel to Oil Search employees and uplifted 350,000 passengers as well 1000 tonnes of cargo.”

Alabaster also said Link PNG would be expanding its fleet to cater for an expected increase in demand for such flight arrangements with the Papua LNG project coming up.

Govt Keen to Create a More Friendly Business Environment

By : Post Courier

 

The Government is creating a more business-friendly environment for foreign investment.

And the public sector reform is essential for increasing efficiencies.

This was the assurance given by Prime Minister Peter O’Neill, when addressing the Australia – Papua New Guinea Business Council in Sydney this week.

“Australia is our largest investment partner, and we want to increase business opportunities,” he said to the packed forum.

“We want Australian business to expand investment into Papua New Guinea, particularly into non-traditional areas that are outside the resources sector.

“There are great opportunities in tourism, agriculture and the small to medium manufacturing sector.

Australian companies have technical capacity that will build our key sectors, and from their investment will have a sound return on investment.”

Mr O’Neill said the 2018 Budget will soon be presented to Parliament, and it will again be a budget that encourages business opportunities and create jobs.

“In a few weeks time, we will present the 2018 budget and there will be no big surprises. Our aim is to maintain stability.

“We have a long-term plan to reduce our deficit levels, while maintaining a healthy growth in the economy, and maintain stability around inflation and interest rates. These priorities are the determinants in framing the 2018 budget.”

Mr O’Neill said one of the most important reforms underway in the country is the creation of a more efficient and business-friendly public service.

“An important priority for our government is addressing the size of the public sector and to make it more efficient and business-friendly.

“We are going to streamline agencies that are not functioning efficiently, and introduce reforms that will raise their service delivery to the expectations of our people and business community.

“We will reform the entire system, and enable the private sector to be more engaged in non-core functions. The country is changing, with more graduates entering the employment market and there is more competition for jobs, particularly in the public sector.

“We cannot be complacent when it comes to the demands of a growing population and expanding business sector.

“Over the coming year and beyond that you will see a huge reduction in the cost of running the cost of the public service.”This will be accompanied by a more responsive approach in the public service for our people and business community.”We are making it much easier to do business in Papua New Guinea.”

NFA Pays K60mil Again in Dividends

By : The National

 

THE National Fisheries Authority (NFA) paid another K60 million in dividends to the Government in Port Moresby on Friday.

It paid K60 million earlier this year.

Fisheries Minister Patrick Basa handed the cheque to Chief Secretary Isaac Lupari who stood in for Treasurer and Deputy Prime Minister Charles Abel.

Basa said the K60 million was the second batch of dividends which NFA was paying in the 2017 fiscal year.

“Similar to other State-owned enterprises (SOEs), NFA is required to pay dividends to the Government.

“Since the restructure and reorganisation of NFA in 2001, the authority has paid K396,250,000 as dividends to the Government.”

Basa said the National Fisheries Authority has ceased paying dividends in 2008, 2010 and 2011 as per the Government directions for the surplus funds to be invested in impact fisheries projects to grow the industry and develop coastal as well as aquaculture fisheries. “In 2012, NFA resumed paying dividends to the Government. In 2017 fiscal year, NFA, will be paying K150 million in dividends,” he said.

“NFA has already paid K60 million to the Government. We are now paying K60 million and the remaining K30 million will be paid before the end of the year.”

Managing director John Kasu said NFA was a self-financing government authority that generated its funding through statutory and access fees from the fishing industry.

“These fees form the bulk of our revenue which the authority funds and maintains its operations as well as funds impact fisheries projects such as the coastal fisheries development agencies, inland fish farming, funding fisheries colleges, funding and building jetties, fish markets and other projects to meet the Government’s goals and objectives,” Kasu said.
Share this:

« Older Entries