Papua New Guinea in brief
sector already. Clearly, with a new gas industry coming in, it has improved. The basic services are here in Png—the accounting firms, the logistics suppliers—but, in terms of services for business, I think we’ve still got an area of the economy to grow in that regard. It will happen.’
Meanwhile, Paul Nerau, the Chairman of the state’s Kumul Consolidated Holdings (the state entity which controls PNG’S state-owned enterprises) has flagged its interest in diversifying into agriculture and tourism—two areas where PNG has considerable natural advantages.
At the same time, a growing middle class has resulted in the development of a strong retail sector in PNG, both for staples and consumer goods.
‘Despite all the doom and gloom about the world commodity prices, the El Niño etc, CPL is surging ahead with its expansion plans and growth in the country and is confident about PNG, and has faith in the country and its people,’ noted Mahesh Patel, Chairman of the country’s leader retailer, CPL Group.
The relative weakness of the national currency kina also presents an opportunity for PNG’S manufacturers, as Michael Kingston, Chief Executive Officer of K K Kingston observes:
‘A number of our customers have been saying that, in relation to foreign currency, local supply is looking more appealing to them and they are looking to prioritise scarce available foreign currency. And that means an opportunity for local producers like ourselves to pick up additional business.’