Pa­pua New Guinea in brief

Business Advantage Papua New Guinea - - Economic update - Pop­u­la­tion

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.’

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