Category Archives: Economic

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.

PNG an Official APEC Hosting Nation

By : Post Courier


PAPUA New Guinea is now officially an APEC hosting nation after Prime Minister Peter O’Neill met with all the 21 APEC economy leaders in Da Nang, Vietnam for the 2017 Summit.

The gavel and key were officially handed to PNG on Friday.

Preparation to host APEC – Asia-Pacific – Economic Co-operation Leaders’ Summit next year is well underway.

The leaders of the 21 APEC member economies who met for a week in Da Nang are determined to take bolder and sustained collective actions to inject new dynamism into APEC co-operation.

Leaders sought to formulate a shared vision for advancing APEC’s role as a driver of economic integration and growth, an incubator of ideas for economic co-operation, a coordinating mechanism of trade agreements, and a global leader in addressing pressing problems. These will be carried on as the discussion agenda in PNG when the country hosts APEC.

This is to better position people and businesses across the Asia Pacific to navigate complex and fundamental shifts in the regional and global landscapes, building on the half century of progress achieved through voluntary, non-binding, consensus-based co-operation between APEC economies that is well suited for today’s new realities.

“APEC has shown its dynamism, adaptability and flexibility towards changes,” Vietnam President Tran Dai Quang, chair of the APEC Economic Leaders’ Meeting, said.

“The Bogor Goals of free and open trade and investment, and the support for the multilateral trading system, as well as the growth of connectivity strategies and programs have provided the long-term orientations for APEC’s activities and afforded hundreds of concrete cooperation areas, including next-generation trade and investment issues.

“These have also responded to the new demands of the digital era. Yet, regional economic integration has been impeded by global uncertainties facing free and open trade,” he said.

President Quang pointed to unfolding world security and economic and social transition challenges that threaten the momentum of trade and growth recovery.

“Within a year since our last meeting in Peru, we have witnessed changes more rapid and complex than we expected,” he said.

“This requires APEC to uphold its leadership in finding new drivers for growth, trade, investment, connectivity and in finding ways to ensure that the benefits of globalisation and economic integration are equally distributed.”

Leaders are exchanging their views on how APEC can promote balanced, inclusive, sustainable, innovative and secure growth and employability; create new drivers for regional economic integration, strengthen the capacity and innovation of micro, small and medium enterprises, and enhance food security and sustainable agriculture in response to climate change, he said.

“Only by so doing, can we contribute to a peaceful, stable, dynamic, interconnected and prosperous Asia-Pacific,” President Quang 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.”

PM O’Neill Arrives in Vietnam for APEC Summit

**** – Key Focus is on Enhancing Growth in Developing Economies ****

Apec - vietname2

The Prime Minister, Hon. Peter O’Neill CMG MP, has arrived in the city of Da Nang, in Viet Nam, for the 2017 APEC Leaders’ Summit.
On his arrival, the Prime Minister highlighted the importance of the APEC policy agenda that will help boost growth in key sectors of the Papua New Guinea economy.
“APEC is an important forum for growth and development in our region, and in the coming year will be even more important for Papua New Guinea when we host Leaders from around the region.
“The whole focus of the APEC Leaders’ Week is to strengthen our capacity to trade and to grow our economies.
“Through APEC we have the opportunity to generate more business, and that in turn creates more jobs.
“As a developing economy in APEC, Papua New Guinea also has the opportunity to strengthen capacity and skills in key sectors around the country.
“APEC is more than a single meeting each year, but it has a broad agenda covering agriculture, fisheries, women in the economy, transport and many other sectors that are vital for Papua New Guinea’s growth.
“Ultimately our work through APEC in these sectors is delivering direct benefits for our people.
“This APEC meeting will have a strong focus on adopting better digital technologies.
“For Papua New Guinea, expanding into the digital age, particularly for remote and rural communities is very important.”
The week-long series of APEC meetings also includes the 2017 APEC CEO Summit at which the Prime Minister will deliver an address.
“We have a number of Papua New Guinea business leaders who have come to Vietnam with our delegation.
“At the APEC CEO Summit our business representatives will be working to build better links with companies in Viet Nam and around the region.”
The Prime Minister is accompanied by the Minister for Foreign Affairs and Trade, Hon. Rimbink Pato MP, and APEC Minister, Hon. Justin Tkatchenko MP.

Govt Urged to Review Business Act


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.

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.”

Basil Aims to Improve Power, Telecommunication Services

By : The National


Sam Basil aims to ensure people have access to reliable, affordable and sustainable power supply and telecommunication in the country.

Speaking during a handover ceremony in Port Moresby yesterday, the new Minister for Communication, Information Technology and Energy said that his appointment signified the start of implementing rural electrification and VSAT communications.

Basil’s predecessor and Talasea MP Francis Maneke handed over the ministry to Basil in front of the deputy leader of the Pangu Pati and Goilala MP William Samb, departmental heads, board members and other officers.

Basil said his Bulolo district implemented communication and power installation in the last decade, with 100 households receiving the services every three months.

He said he would consult and work with fellow MPs for the government to implement the installations in other districts in this term of Parliament.

“Our prime minister’s (Peter O’Neill) direction is clear on achieving them,” Basil said.

“Details of the way forward will be mapped out in my ministerial statement next month when Parliament resumes.”

Basil was appointed minister on Aug 18.

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