Tag Archives: Regional

PM O’Neill Arrives in Vietnam for APEC Summit

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

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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.

BSP opens branch in Cambodia

By: Cedric Patjole – 26 May 2017
Bank South Pacific will be creating history when it enters the Asian market following the announcement of its new new branch in Cambodia.
This was revealed today during the announcing of the final dividend to shareholders for 2016 today.
The decision to enter Cambodia was settled on May 2nd this year.

BSP owns 50 per cent of an asset finance company called RMA Finance, which is now in the process of being rebranded to BSP Finance Cambodia Proprietary Limited.
“It’s already operating. We now own 50 per cent and the formal rebranding, hopefully by the end of July we’ll have the BSP colours proudly in Cambodia,” said BSP CEO Robin Fleming.

The new branch in Cambodia is part of BSP strategy to enter the Asian market following its successful penetration in the Pacific which it has successfully covered following its acquisition of Westpac’s assets in the region.
BSP Board Chairman Sir Kostas said other countries in BSP’s sights include Lao’s, Myanmar, and Vietnam which they hope to enter between 18 months to two years.
“We’re starting to do feasibility on these Laos, Myanmar, I mean these things don’t happen overnight. There’s a timeframe, we make sure we have all the ticks in the boxes first. Make sure all the regulatory requirements are satisfied and we proceed. 
But there is opportunity in these countries. That’s the main thing,” said Sir Kostas.

BSP is the largest business in PNG outside of companies in the resources sector.
The banking chain has seen remarkable growth, particularly over the last three years despite a tough economic environment.
The growth and performance is attributed to the management team and staff of the company.

MANAGEMENT OF ECONOMY PRIORITY – O’NEILL

Australia-PNG Business Council
16th May 2017

PRIME MINISTER Peter O’Neill during his address at opening of the Australian-PNG Business Council in Port Moresby said it was important PNG and Australia continued its long-standing relationship, especially the bilateral trade relations between them.

He said in the past few years both countries faced challenging times whilst working to manage the impacts of the current downturn in the global economy described his government in making tough decisions to address the issue.

“We identified ways and deferred non-priority items. We also reformed many practises, both in government and SOE to manage our economy during the course of the global economic downturn,” He said.

Despite the current economic situation faced by Papua New Guinea, the national government continued its commitment through the delivery of essential government services and also the completion of vital national projects nationwide.

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“The theme of this forum ‘navigating the cycle and creating opportunities in challenging times’ is relevant for both countries. But in Papua New Guinea, the lessons of the recent drop in commodity price should deliver some tough lessons for us to learn from.”

Mr O’Neill compared PNG’s economy to many parts in Australia that have always been held at ransom by the ‘boom and bust cycle’ in the resource sector.

Despite the unfriendly economic climate, the national government was on task in helping to reshape the economy whilst broadening its economic base.

He said we needed to manage our economy and move away from the ‘boom and bust cycle’ since we could not afford to rely on the resource sector forever.

“At the height of the boom energy prices, our government received revenue over K2 billion per annum. However at the bust in energy prices our revenue declined to a mere K200 million per annum,” Mr O’Neill said.